Question

John started his own delivery service. The following transactions took place in June 2020
Si no. Date Particulars
1. 1-06-2020 John as a stockholder has invested $25,000 cash in
business.
2. 2-06-2020. John purchased a used van for 13000$ for deliveries.He
paid 2000$ cash and signed a note payable for the
remaining balance
3. 3-06-2020. He paid $ 900 for office rent for the month.
4. 5-06-2020 .Services worth $ 3,000 were performed on account.
5. 12-06-2020. .Purchased supplies for $ 400 on account
6. 15-06-2020. Received a cash payment of $ 750 for services provided
on June 5.
7. 17-06-2020. Purchased gasoline for $ 350 on account
8. 20-06-2020. Received a cash payment of $ 350 on account for
services provided on June 5.
9. 23-06-2020. Received a cash payment of $ 1900 on account for
services provided on June 5.
10. 26-06-2020. Paid $450 for utilities
11. 29-06-2020. Paid for the gasoline purchased on account on June 17
12. 30-06-2020. Paid $ 600 for employee salaries
Prepare the following:
(a) An income statement for the month of June 2020.
(b) A balance sheet as at 30 June 2020​

Answer 1

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