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Business, 26.08.2021 19:30 jackiemiranda2010

June: 1 Stockholders invested $10,000 cash in the business in exchange for common stock.
2 Purchased a used van for deliveries for $14,000. Nancy paid $3,000 cash and signed a note payable for the remaining balance.
3 Paid $300 for office rent for the month.
5 Performed $4,400 of services on account.
9 Declared and paid $200 in cash dividends.
12 Purchased supplies for $100 on account.
15 Received a cash payment of $1,000 for services performed on June 5.
17 Purchased gasoline for $100 on account.
20 Received $1,300 cash for services performed.
23 Made a cash payment of $400 on the note payable.
26 Paid $100 for utilities.
29 Paid for the gasoline purchased on account on June 17.
30 Paid $1,000 for employee salaries.

Required:
a. Include margin explanations for any changes in the Retained Earnings account in your analysis.
b. Prepare an income statement for the month of June.
c. Prepare a balance sheet at June 30, 2015.

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Answers: 2

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June: 1 Stockholders invested $10,000 cash in the business in exchange for common stock.
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