Quick-Start Home Repair Company completed the following transactions in June 1999: pg58 June 1 The company was

Quick-Start Home Repair Company completed the following transactions in June 1999:

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June 1 The company was organized and received $200,000 cash from the issuance of capital stock. 4 The company paid $48,000 cash for a truck. 7 The company borrowed $10,000 from its bank on a note. 9 Cash received for repair services performed was $4,500. 12 Expenses of operating the business so far this month were paid in cash. $3,400. 18 Repair services performed for a customer who agreed to pay within a month amounted to $5,400. 25 The company paid $4,065 on its loan from the bank, including $4,050 of principal and $15 of interest. (The principal is the amount of the loan. Interest is an expense, which reduces retained earnings.) 30 Miscellaneous expenses incurred in operating the business from June 13 to date were $3,825 and were paid in cash. 30 An order (contract) was received from a customer for repair services to be performed tomorrow, which will be billed at $3,000. a. Prepare a summary of transactions (see Part A of Illustration 1.3). Include money columns for Cash, Accounts Receivable, Trucks, Notes Payable, Capital Stock, and Retained Earnings. Determine balances after each transaction to show that the basic accounting equation balances. b. Prepare a balance sheet as of June 30, 1999.