Scenario: On June 1, 2017, Elite Service Co. was started with an initi


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Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its

Sale price $15.00 Regular price $30.00

Scenario: On June 1, 2017, Elite Service Co. was started with an initial
investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash
$ 4,300
Notes payable
$12,000
Accounts receivable
4,500
Accounts payable
500
Service revenue
8,000
Supplies expense
1,000
Supplies Inventory
2,400
Maintenance and repairs expense
900
Advertising expense
400
Utilities expense
300
Equipment
26,000
Salaries and wages expense
1,400
Common stock
22,100


In June, the company issues no additional stock but paid dividends of $1,400.
Prepare an income statement, retained earnings statement, and balance sheet using the Week 1 Excel Spreadsheet provided in the Student materials.

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