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Problem:
On June 1, Tamara Eder started Crazy Creations Co., a company that provides craft opportunities, by investing $13,040 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
$ 10,750
Notes Payable
$9,310
Accounts Receivable
2,920
Accounts Payable
1,330
Equipment
10,760
Rent Expense
1,320
Supplies
2,100
Gasoline Expense
240
Service Revenue
6,280
Utilities Expense
220
Advertising Expense
420
Tamara made no additional investment in June but withdrew $1,230 in cash for personal use during the month.
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