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On June 1, Debra King started Cullumber Designs Co., a company that provides craft opportunities, by investing $11,570 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
$10,000
Service Revenue
$7,100
Accounts Receivable
3,000
Advertising Expense
500
Supplies
1,800
Rent Expense
1,700
Equipment
10,000
Gasoline Expense
210
Notes Payable
8,700
Utilities Expense
160
Accounts Payable
1,400
Debra made no additional investment in June but withdrew $1,400 in cash for personal use during the month.
Question 1: How to Prepare an income statement for the month of June.
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