Prepare an income statement for the month of June

Reference no: EM132641514

Question - Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2019. The following transactions occurred during the month of June.

June 1 Stockholders invested $10,000 cash in the business in exchange for common stock.

June 2 Purchased a used van for deliveries for $14,000. Matt paid $2,000 cash and signed a note payable for the remaining balance.

June 3 Paid $500 for office rent for the month.

June 5 Performed $4,800 of services on account.

June 9 Declared and paid $300 in cash dividends.

June 12 Purchased supplies for $150 on account.

June 15 Received a cash payment of $1,250 for services provided on June 5.

June 17 Purchased gasoline for $100 on account.

June 20 Received a cash payment of $1,500 for services provided.

June 23 Made a cash payment of $500 on the note payable.

June 26 Paid $250 for utilities.

June 29 Paid for the gasoline purchased on account on June 17.

June 30 Paid $1,000 for employee salaries.

Required -

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

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

Reference no: EM132641514

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