Mango Designs began selling its custom furniture on June 1, 2020. At the end of the month, the special journals showed the following results. Other information you will need is as follows:

? Interest of $120 had accrued on the note payable as of June 30, 2020.

? $13,200 of the office supplies had been used by June 30, 2020.

? Depreciation on the store equipment was $550 for June.

Required

Using the information provided, prepare a single-step income statement, statement of changes in equity, and classified balance sheet. You may find it useful to use T-accounts. Analysis Component: Does Mango Designs use a perpetual or periodic inventory system? Explain how you know.

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Sales Journal Page 3 Cost of Goods Sold Dr. Invoice A/R Dr. Merchandise Inventory Cr. Date Account Debited Number PR Sales. Cr. 2020 June 5 Leslie Haverly 381 9,100 6,800 6. Tomlinson Architects 382 17,900 13,400 13 Dentures Galore 383 38,400 28,800 Leslie Haverly 14 384 2,900 2,175 Nelson Consulting 27 385 22,700 17,025 Page 3 Cash Recelpts Journal Cost of Goods Sales Other Sold Dr. Cash Discount Accts. Rec. Sales Accts. Merchandise Date Account Credited Explanation PR Debit Debit Credit Credit Credit Inventory Cr. 2020 301 June 1 Tom Mandalay Owner Invmt. 75,000 75,000 Notes Payable 50,000 10 LT. loan 251 50,000 Leslie Haverly 8,918 15 Sale of June 5 182 9,100 Cash sales 121,370 66,700 20 Cash sales 121,370 Sale of June 6 29 Tomlinson 17,900 17,900 Purchases Journal Page 3 Accounts Merchandise Office Other Date of Payable Inventory Supplies Accts. Date Account Credited Involce Terms PR Credit Debit Debit Debit 2020 Tenor Company June 2 2/10, п/60 72,000 June 2 72,000 Indago Manufacturers June 7 n/10 EOM 18,000 18,000 1/10 EOM 17 Penray Suppliers June 17 91,000 91,000 18 Ego/Store Equipment June 18 n/30 165/ 32,000 32,000 Page 4 Cash Disbursements Journal Other Other Merchandise Payable Ch. Account Inventory Accts. Cash Credit Date No. Payee Debited PR Credit Debit Debit 2020 June 3 100 The Dally Gazette Advertising Expense 655 550 550 Tenor Company Tenor Company 1,440 72,000 10 101 70,560 Sales Salaries Expense 42,000 30 102 Payroll 621 42,000