in the com P73 On June 1 2017 Elite Service Co was started w

in the com. P7-3 On June 1, 2017, Elite Service Co. was started with an initial investment pany of $22,100 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: $12,000 500 1,000 Notes payable Maintenance and repairs expense Salaries and wages expense $ 4,600 Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 4,000 Accounts payable 7,500 Supplies expense 600 2,400 400 26,000 22,100 300 1,400 Utilities expense the company issued no additional stock but paid dividends of $1,400.

Solution

Balance sheet

Asset

Liability

Cash

4600

Notes payable

12000

A/R

4000

Account payable

500

Supplies

2400

Total liability

12500

Equipment

26000

Common stock

22100

Retained Earning

2400

Total equity

24500

Asset

37000

Total lability & equity

37000

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Hope this answer your query.

Feel free to comment if you need further assistance. J

Balance sheet
Asset	Liability
Cash	4600	Notes payable	12000
A/R	4000	Account payable	500
Supplies	2400	Total liability	12500
Equipment	26000	Common stock	22100
		Retained Earning	2400
		Total equity	24500
Asset	37000	Total lability & equity	37000