1. The journal leger of Colourful Corporation, a paint store has the following balances on May 31, 2012
 

  

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Cash Accounts Receivable Inventory Equipment Accounts Payable Common Shares Retained Earnings The following transactions occurred during June 2012: $8,500 $1,400 $22,050 $2.500 $9,600 $10,000 $14,850 1. Collected all, but $800 of the accounts receivable outstanding on May 31. 2. Sold paint that costs $20,500 to customers for $34,000. Of these sales, 80% was for cash and 20% was on credit. 3. Paid the accounts payable outstanding on May 31. 4. Bought paint from a supplier for $18,300, half on credit and half for cash. 5. Paid rent for June of $2,200. 6. Sent out a statement reminding a customer that he still owed $800 from May. 7. Purchased additional equipment for $3,000 with money borrowed from the bank. 8. Took out an advertisement in the local paper for $150. The company will pay for it in July. 9. Paid salaries and wages of $5,500. 10. Paid utilities for June of $550. 11. Paid dividends of $1,000 cash to the owner of the company. Prepare a Statement of Comprehensive Income for June 2012 and Statement of Financial Position at June 30, 2012. Cash Accounts Receivable Inventory Equipment Accounts Payable Common Shares Retained Earnings The following transactions occurred during June 2012: $8,500 $1,400 $22,050 $2.500 $9,600 $10,000 $14,850 1. Collected all, but $800 of the accounts receivable outstanding on May 31. 2. Sold paint that costs $20,500 to customers for $34,000. Of these sales, 80% was for cash and 20% was on credit. 3. Paid the accounts payable outstanding on May 31. 4. Bought paint from a supplier for $18,300, half on credit and half for cash. 5. Paid rent for June of $2,200. 6. Sent out a statement reminding a customer that he still owed $800 from May. 7. Purchased additional equipment for $3,000 with money borrowed from the bank. 8. Took out an advertisement in the local paper for $150. The company will pay for it in July. 9. Paid salaries and wages of $5,500. 10. Paid utilities for June of $550. 11. Paid dividends of $1,000 cash to the owner of the company. Prepare a Statement of Comprehensive Income for June 2012 and Statement of Financial Position at June 30, 2012.

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