On June 1, 201X, Brenda Rennicke opened Brenda's Art Studio. The following transactions occurred in June:

201X

June 1 Brenda Rennicke invested $52,000 in the art studio.

1 Paid 3 months' rent in advance, $2,000.

3 Purchased $2,000 of equipment from Martin Co. on account.

5 Received $10,000 cash for art-training workshop for teachers.

8 Purchased art supplies for $500 cash.

9 Billed Arthur Co. $2,500 for group art lesson for its employees.

10 Paid salaries of assistants, $1,300.

15 Brenda withdrew $200 for personal use.

28 Paid electric bill, $80.

29 Paid telephone bill for June, $220.

Your tasks are to do the following:

a. Set up the ledger based on the following chart of accounts using four-column accounts.

b. Journalize (journal is page 1) and post the June journal entries.

c. Prepare a trial balance as of June 30, 201X.

The chart of accounts for Brenda's Art Studio is as follows:

Transcribed Image Text:

Chart of Accounts Owner's Equity 311 312 Revenue 411 Expenses 511 521 531 Assets B. Rennicke, Capital. B. Rennicke, Withdrawals Cash 112 114 Prepaid Remt 121 131 Liabilities 211 Accounts Payable Accounts Receivable Art Supplies Equipment Art Fees Earned Electrical Expense Salaries Expense Telephone Expense