Question: Need help solving (b1) Problem 1-03A a1-a3,b1-b2 (Part Level Submission) On June 1, Maria Miller started Sheridan Designs Co., a company that provides craft opportunities,

Need help solving (b1)

Problem 1-03A a1-a3,b1-b2 (Part Level Submission)

On June 1, Maria Miller started Sheridan Designs Co., a company that provides craft opportunities, by investing $12,450 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cash $10,000 Service Revenue $6,600
Accounts Receivable 2,900 Advertising Expense 500
Supplies 1,500 Rent Expense 1,600
Equipment 11,000 Gasoline Expense 200
Notes Payable 8,900 Utilities Expense 150
Accounts Payable 1,400

Prepare an income statement for June assuming the following data are not included above: (1) $950 of services were performed and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid.

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