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Question - On June 1, 2022, Waterway Industries was started with an initial investment in the company of $25,194 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash
$5,244
Notes payable
$13,680
Accounts receivable
4,560
Accounts payable
570
Service revenue
8,550
Supplies expense
1,140
Supplies
2,736
Maintenance and repairs expense
684
Advertising expense
456
Utilities expense
342
Equipment
29,640
Salaries and wages expense
1,596
Common stock
25,194
Required -
1. Prepare a retained earnings statement for the month of June 2022.
2. Prepare a balance sheet of June 30, 2022.
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