Jackie Wengler, owner of wengler home design service, has requested that you prepare from the following balances (a) an income statement for June 202X, (b) a statement of owner’s equity for June, and (c) a balance sheet as of June 30, 202X.
Cash: $2,300
Accounts receivable: 1,200
Decorating equipment:1,155
Accounts payable: 250
J. Wengler, Capital, June 1, 202X: 3,885
J. Wengler, Withdrawals: 1,000
Home design fees: $2,400
Advertising Expense: 145
Repair Expense: 55
Travel Expense: 250
Supplies Expense: 55
Rent Expense: 375
(a) Income Statement for June 202X:
Home Design Fees: $2,400
Less: Expenses
Advertising Expense: $145
Repair Expense: $55
Travel Expense: $250
Supplies Expense: $55
Rent Expense: $375
Total Expenses: $880
Net Income: $1,520
(b) Statement of Owner’s Equity for June:
J. Wengler, Capital, June 1, 202X: $3,885
Add: Net Income: $1,520
Less: J. Wengler, Withdrawals: $1,000
Owner’s Equity, June 30, 202X: $4,405
(c) Balance Sheet as of June 30, 202X:
Assets:
Cash: $2,300
Accounts Receivable: $1,200
Decorating Equipment: $1,155
Total Assets: $4,655
Liabilities and Owner's Equity:
Accounts Payable: $250
J. Wengler, Capital: $4,405
Total Liabilities and Owner's Equity: $4,655