Prepare an income statement for the month of june

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Reference no: EM131201270

Gordon Beckham started his own delivery service, Beckham Deliveries, on June 1, 2012. The following transactions occurred during the month of June.

•June 1 Gordon invested $10,000 cash in the business.
• 2 Purchased a used van for deliveries for $12,000. Gordon paid $2,000 cash and signed a note payable for the remaining balance.
• 3 Paid $500 for office rent for the month.
• 5 Performed $4,400 of services on account.
• 9 Withdrew $200 cash for personal use.
• 12 Purchased supplies for $150 on account.
• 15 Received a cash payment of $1,250 for services provided on June 5.
• 17 Purchased gasoline for $200 on account.
• 20 Received a cash payment of $1,300 for services provided.
• 23 Made a cash payment of $600 on the note payable.
• 26 Paid $250 for utilities.
• 29 Paid for the gasoline purchased on account on June 17.
• 30 Paid $1,000 for employee salaries.

Instructions
(a) Show the effects of the previous transactions on the accounting equation using the following format.

		Assets			Liabilities				Owner's Equity
		Accounts			Notes	Accounts	Owner's	Owner's
Date	Cash	+ Receivable	+ Supplies	+ Equipment	= Payable	+ Payable	+ Capital	- Drawings	+ Revenues	- Expenses

(b) Prepare an income statement for the month of June.

Reference no: EM131201270

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