Financial Statements

[Illeana]

Hi guys,

I'll really appreciate it if someone could look at the problem I have worked on below. Did I do it right? Where am I wrong?

Problem: Use the information below to prepare SunsetSUP’s financial statements for the two months ended July 31st: an income statement for June and July, a statement of change in proprietor’s equity for June and July, a statement of financial position dated July 31st, and a cash flow statement for June and July.

SunsetSUPs Operation Transactions
Date	Transaction
June 1	Jes deposited $17,000 into SunsetSUP's bank account
June 1	Paid landlord $300 for June's storage space rent
June 1	Paid SaveMe Insurance $3,500 for five month's of insurance coverage
June 3	Paid $12,000 for equipment: to be used for 10 years
June 3	Paid GoMommy a deposit of $400 for computing services
June 4-30	Collected $3,630 from students for June lessons
June 4-30	Paid instructors $2,420
July 1	Paid landlord $300 for July's storage space rent
July 17	Jes withdrew $750 for personal use
July 5	Received a statement from GoMommy showing June's computing cost of $210 and SunsetSUP's account credit balance of $190
July 30	Received $450 as a deposit for a corporate SUP party to be held in August
July 1-31	Collected $3750 from students for July lessons
July 1-31	Paid instuctors $2,000 towards July instruction
July 31	Gave 6 lessons at a birthday party. The father, a friend of Jes, forgot his wallet and promised to pay next week.
July 31	'Paid landlord $300 for August's storage space rent
August 4	Paid instructors the $620 they were still owed for July lessons
August 5	Paid GoMommy $35 upon receipt of a statement from GoMommy showing July's computing cost of $225 and SunsetSup's account balance owing of $35
August 5	The friend who forgot his wallet paid $180

Solution:

Thanks in advance.