Question: Need help with equity Problem 1-03A a1-a3,b1-b2 (Part Level Submission) On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities,
Need help with equity


Problem 1-03A a1-a3,b1-b2 (Part Level Submission) On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,000 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 Accounts Receivable Supplies Equipment Notes Payable Accounts Payable $6,500 500 1,600 200 150 $10,150 Service Revenue 2,800 Advertising Expense 2,000 Rent Expense 10,000 Gasoline Expense 9,000 Utilities Expense 1,200 Cindy made no additional investment in June but withdrew $1,300 in cash for personal use during the month
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