On June 1, Michelle Sasse started Divine Creations Co., a company that provides craft opportunities, by investing $15,200 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.
![](https://www.solutioninn.com/images3/47-B-A-A-C%20(109).PNG)
Michelle made no additional investment in June, but withdrew $1,300 in cash for personal use during the month.
Instructions
(a) Prepare an income statement and owner's equity statement for the month of June and a balance sheet at June 30, 2010.
(b) Prepare an income statement and owner's equity statement for June assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at June 30, and (2) $150 of gas and oil expense was incurred but notpaid.