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On June 1, Betty Harris started Cullumber 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 $11,000 Service Revenue $6,700 Accounts Receivable 3,200 Advertising Expense 400 Supplies 1,800 Rent Expense 1,600 Equipment 10,000 Gasoline Expense 200 Notes Payable 9,300 Utilities Expense 150 Accounts Payable 1,200 Betty made no additional investment in June but withdrew $1,300 in cash for personal use during the month. Prepare an income statement for the month of June. CULLUMBER DESIGNS CO. Income Statement For the Month Ended June 30, 2020 Revenues X Service Revenue 6,700 Expenses Advertising Expense 400 Rent Expense 1,600 Gasoline Expense 200 > Utilities Expense 150 Total Expenses 2,350 Net Income / (Loss) 4,350 923 OCT 2 20 Prepare an owner's equity statement for the month of June. (List items that increase CULLUMBER DESIGNS CO. Owner's Equity Statement For the Month Ended June 30, 2020 Owner's Capital, June 1 11,000 Add v > Investments 12,450 X Net Income / (LOSS) 4,350 4,350 15,350 Less Drawings (1,300) Owner's Capital, June 30 14,050 SHOW LIST OF ACCOUNTS SHOW SOLUTION 923 OCT 2 20 CULLUMBER DESIGNS CO. Balance Sheet June 30, 2020 Assets > Cash 11,000 K Accounts Receivable 3,200 Supplies 1,800 Equipment > 10,000 Total Assets 26,000 Liabilities and Owner's Equity Liabilities Accounts Payable 1,200 Notes Payable 9,300 Total Liabilities 10,500 Giner Fami 922 OCT 2 20 Pem vu Total Assets V 26,000 Liabilities and Owner's Equity Liabilities Accounts Payable 1,200 Notes Payable 9,300 Total Liabilities 10,500 Owner's Equity X Owner's Capital 14,050 X Total Liabilities and Owner's Equity 24,550 expense was incurred but not paid. CULLUMBER DESIGNS CO. Income Statement For the Month Ended June 30, 2020 Revenues Service Revenue 7,550 Expenses Advertising Expense 400 Rent Expense 1,600 X Gasoline Expense 150 Utilities Expense 150 X X Total Expenses 2,300 X Net Income / (Loss) 5,250 SHOW LIST OF ACCOUNTS SHOW SOLUTION Prepare an owner's equity statement for June assuming the following data are not included above: (1) $850 of revenue was earned and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid Tipar UVCcquy COCITICITET Juncusurig Vic Towing u crvucu expense was incurred but not paid. (List Items that increase owner's equity first.) x CULLUMBER DESIGNS CO. Owner's Equity Statement For the Month Ended June 30, 2020 v Owner's Capital, June 1 v 12,450 Add v HERRERA Net Income / (Loss) x x 4,350 Investments 5,200 17,650 Less Drawings (1,300) Owner's Capital, June 30 v 16,350

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