Refer to the information in M3-12. Prepare a journal entry for each transaction. Create a T-account for each account, and then post the journal entries to the T-accounts (use dates to reference each entry).

Q3-12

DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template.

June 1 M. DeFond invested $ 12,000 cash to begin the business in exchange for common stock.

2 Paid $ 950 cash for June rent.

3 Purchased $ 6,400 of office equipment on credit.

6 Purchased $ 3,800 of art materials and other supplies; the company paid $ 1,800 cash with the remainder due within 30 days.

11 Billed clients $ 4,700 for services rendered.

17 Collected $3,250 cash from clients on their accounts billed on June 11.

19 Paid $ 5,000 cash toward the account for office equipment (see June 3).

25 Paid $ 900 cash for dividends.

30 Paid $ 350 cash for June utilities.

30 Paid $ 2,500 cash for June wages.