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 $10,150 Service Revenue $6,500 Accounts Receivable 2,800 Advertising Expense 500 Supplies 2,000 Rent Expense 1,600 Equipment 10,000 Gasoline Expense 200 Notes Payable 9,000 Utilities Expense 150 Accounts Payable 1,200 Cindy made no additional investment in June but withdrew $1,300 in cash for personal use during the month. Instructions

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 $10,150 Service Revenue $6,500 Accounts Receivable 2,800 Advertising Expense 500 Supplies 2,000 Rent Expense 1,600 Equipment 10,000 Gasoline Expense 200 Notes Payable 9,000 Utilities Expense 150 Accounts Payable 1,200 Cindy made no additional investment in June but withdrew $1,300 in cash for personal use during the month. Instructions

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Description: On June 1, Cindy Godfrey started Divine Designs Co., a company that providescraft opportunities, by investing $12,000 cash in the business. Following are the assetsand liabilities of the company at June 30 and the revenues and expenses for the month

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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