On June 1, Donna Clark started Pharoah Designs Co., a company that provides craft opportunities, by investing $13,150 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 $7,300 Accounts Receivable 3,500 Advertising Expense 600 Supplies 2,200 Rent Expense 1, 500 Equipment 10,000 Gasoline Expense 250 Notes Payable 9, 100 Utilities Expense 200 Accounts Payable 1, 200 Donna made no additional investment in June but withdrew $1,500 in cash for personal use during the month.

On June 1, Donna Clark started Pharoah Designs Co., a company that provides craft opportunities, by investing $13,150 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 $7,300 Accounts Receivable 3,500 Advertising Expense 600 Supplies 2,200 Rent Expense 1, 500 Equipment 10,000 Gasoline Expense 250 Notes Payable 9, 100 Utilities Expense 200 Accounts Payable 1, 200 Donna made no additional investment in June but withdrew $1,500 in cash for personal use during 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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