Open the following T accounts: Cash; Repair Supplies; Repair Equipment;

Accounts Payable; Common Stock; Dividends; Repair Fees Earned;

Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.

a. Michael Change opened Ceramics Repair Service, Inc., by investing $8,600 in cash and $3,200 in repair equipment in return for 11,800 shares of the company’s $1 par value common stock.

b. Paid $800 for the current month’s rent.

c. Purchased repair supplies on credit, $1,000.

d. Purchased additional repair equipment for cash, $600.

e. Paid salary to a helper, $900.

f. Paid $400 of amount purchased on credit in c.

g. Accepted cash for repairs completed, $3,720.

h. Declared and paid a dividend of $1,200.

Trial Balance