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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