Schultz Tax Services, a Tax Preparation Business, Had the Following

Essay

Schultz Tax Services, a tax preparation business, had the following transactions during the month of June:
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1. Received cash for providing accounting services, $3,000
2. Billed customers on account for providing services, $7,000
3. Paid advertising expense, $800
4. Received cash from customers on account, $3,800
5. Paid shareholder dividends, $1,500
6. Received telephone bill, $220
7. Paid telephone bill, $220
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Based on the information given above, calculate the balance of cash at June 30. Use the following format.
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Cash, June 1 $25,000
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Plus cash receipts for June ____________
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Minus cash payments for June ____________
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Cash, June 30 ____________