The following financial statements are available for Elm Corporation for its first month of operations:

Required
Using the format illustrated in Exhibit 3-1, prepare a table to summarize the transactions entered into by Elm Corporation during its first month of business. State any assumptions you believe are necessary in reconstructing the transactions. Multi-ConceptProblems

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Elm Corporation Income Statement For the Month Ended June 30, 2010 Service revenue $93,600 Expenses Rent Salaries and wages $9,000 27900 13,800 50,700 $42,900 ties Net income Elm Corporation Balance Sheet June 30, 2010 Assets Liabilities and Stockholders Equity Cash Accounts receivable Equipment Building Land $22,800 21,600 18,000 90,000 24,000 Accounts payable Notes payable Capital stock Retained earnings $ 18,000 90,000 30,000 38,400 Total liabilities and Total assets stockholders' equity