in the com. P7-3 On June 1, 2017, Elite Service Co. was started with an initial
ID: 2611522 • Letter: I
Question
in the com. P7-3 On June 1, 2017, Elite Service Co. was started with an initial investment pany of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: $12,000 500 1,000 Notes payable Maintenance and repairs expense Salaries and wages expense $ 4,600 Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 4,000 Accounts payable 7,500 Supplies expense 600 2,400 400 26,000 22,100 300 1,400 Utilities expense the company issued no additional stock but paid dividends of $1,400.Explanation / Answer
Balance sheet
Asset
Liability
Cash
4600
Notes payable
12000
A/R
4000
Account payable
500
Supplies
2400
Total liability
12500
Equipment
26000
Common stock
22100
Retained Earning
2400
Total equity
24500
Asset
37000
Total lability & equity
37000
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Balance sheet
Asset
Liability
Cash
4600
Notes payable
12000
A/R
4000
Account payable
500
Supplies
2400
Total liability
12500
Equipment
26000
Common stock
22100
Retained Earning
2400
Total equity
24500
Asset
37000
Total lability & equity
37000
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