ACC 290 Week 1 Preparing an Income Statement, Retained Earnings and Balance Sheet


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ACC 290 Week 1 Individual Assignment, Preparing an Income Statement, Retained Earnings Statement and Balance Sheet – Elite Services

ACC 290 Week 1: Problem P1-3A: On June 1, 2017, Elite Service Co. was started with an initial investment in the company 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:

Cash$4,600Notes payable$12,000
Accounts receivable4,000Accounts payable500
Service revenue7,500Supplies expense1,000
Supplies2,400Maintenance and repairs expense600
Advertising expense400Utilities expense300
Equipment26,000Salaries and wages expense1,400
Common Stock22,100