ue June 5th Kimmel Accounting 6e Grace Period 14 days left I

ue June 5th Kimmel, Accounting, 6e Grace Period: 14 days left I Register Problem 1-3A (Part Level Submission) On June 1, 2017, Vaughn Manufacturing was started with an initial investment in the company of $22,410 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: th Cash Notes payable 4,470 Accounts payable 8,320 Supplies expense 2,320 13,640 970 1,080 Utilities expense Salaries and wages expense 26,820 22,410 2,220 ? (al) Show all 8:07 PM 6/5/2018

Solution

Statement of retained earnings

For the month of June

Service revenue 8,320

Less: Expenses

Advertisement expense 400

Supplies expense 1,080

Maintenance expense 680

Utilities expense 220

Salaries and wages expense 2,220

Total expenses - 4,600

Dividend paid -1,710

Retained earnings 2,010