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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
Owner's
Date
Cash
+ Receivable
+ Supplies
+ Equipment
= Payable
+ Payable
+ Capital
- Drawings
+ Revenues
- Expenses
(b) Prepare an income statement for the month of June.
(c) Prepare a balance sheet at June 30, 2012.
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