Tuesday 24 July 2012


Problem 1-3B

On June 1, Michelle Bullock started Divine Cosmetics Co., a company that provides individual skin care treatment, by investing $26200 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cash                                    $11000
Accounts receivable             4000
Service revenue                    6000
Cosmetics Supplies               2000
Advertising Expense              500
Equipment                           25000
Notes payable                   $13,000
Accounts payable                 1,200
Supplies Expense                 1,600
Gas and Oil Expense              800
Utilities expense                    300

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