Question

June

Date
June-01	Collected $ 1500 cash from customer accounts receivable
June-02	Purchased supplies on account that cost $ 300
June-07	Recorded services of catering to customers and cash receipts were $ 500 and invoices for services on account were $ 1500.
June-08	Received $ 450 cash as an advance payment on May 10 from a client to be served in June and completed the job on June 8.
June-10	Paid the utility company for the monthly utility bills that had been received in the previous month, $ 360
June-15	Paid $ 1800 cash for employee salaries
June-15	Purchased a one-year insurance policy for $ 1000 on the microwave
June-16	Paid $ 150 on the account payable that was established when supplies were purchased on June 2.
June-20	Paid a $ 300 cash dividend to the stockholders
June-27	Received monthly utility bills amounting to $ 350. The bills would be paid in the month of July
June-31	Recorded revenues to customers. Cash receipts were $ 800, and invoices for sales on account were $ 1350
June-31	Paid $ 1800 cash for employee salaries

Prepare an income statement for the month of June.

Answer 1

Income Statement
Service revenue	$                 4,600	=500+1500+450+800+1350
Expenses
Salaries Expense	$                 3,600	=1800+1800
Insurance expense	$                      42	=1000/12*1/2
Utility Expense	$                    350
Total Expenses	$                 3,992
Income	$                    608

insurance has been charged to expense for half month