6. Prepare an income statement for June 30,20 -. Income Statement Instructions 1. Record the owner's name in the Capital and Drawing T accounts. 2. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 3. Foot the T accounts and show the balances. T-Account Instructions Balance Sheet Instructions Myers Clinic Balance Sheet (Label) \begin{tabular}{|l|l|l|} \hline 1 & Assets \\ \hline 2 & \\ \hline 3 & & \\ \hline 4 & & \\ \hline 5 & Liabilities \\ \hline 6 & \\ \hline 7 & \\ \hline 8 & Owner's Equity \\ \hline 9 & \\ \hline 10 & \\ \hline 11 & \\ \hline \end{tabular} Accounts Receivable Bal. Office Equipment Bal. Office Furniture Bal. Accounts Payable S. Myers, Capital 5. Prepare a trial balance as of June 30,20 -. d. Bought an intercom system on account from Regan Office Supply, $375. e. Received and paid the telephone bill, \$155, CK. No. 1002. t. Sold professional services on account, $1,484. g. Received and paid the electric bill, $190, CK. No. 1003. h. Received and paid the bill for the state speech therapy convention, $450, CK. No. 1004. i. Sold professional services for cash, $2,575. 1. Paid on account to Regan Office Supply, $300, Ck. No. 1005. k. Paid the rent for the current month, $940, Ck. No. 1006. I. Paid salary of the receptionist, $880, Ck. No. 1007. m. Myers withdrew cash for personal use, $800, Ck. No. 1008. n. Received $885 on account from patients who were previously billed. Required: 1. Fecord the owner's name in the Capital and Drawing T accounts. 2. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 3. Foot the T accounts and show the balances. 4. Prepare a trial balance as of June 30,20 -. 5. Prepare an income statement for June 30,20 -- 6. Prepare a statement of owner's equity for June 30,20 -. 7. Prepare a balance sheet as of June 30,20 -. S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared the following chart of accounts: The following transactions occurred during June of this year: a. Myers deposited $40,000 in a bank account in the name of the business. b. Bought waiting room chairs and tables on account, $1,330. c. Bought a fax/copier/scanner combination from Max's Equipment for $595, paying $200 in cash and placing the balance on account, Ck. No. 1001. d. Bought an intercom system on account from Regan Office Supply, \$375. e. Received and paid the telephone bill, \$155, CK. No. 1002. t. Sold professional services on account, $1,484. g. Received and paid the electric bill, $190, CK. No. 1003. h. Received and paid the bill for the state speech therapy convention, $450, Ck. No. 1004. 1. Sold protessional services for cash, \$2,575. 1. Paid on account to Regan Otfice Supply, $300, CK. No. 1005. Labels and Amount Descriptions Labels Expenses For Month Ended June 30, 20-- June 30,20 -. Revenue Amount Descriptions Decrease in Capital Increase in Capital Investments during June Net Income Net Loss S. Myers, Capital, June 1, 20-- S. Myers, Capital, June 30, 20-- Total Assets Total Expenses Total Liabilities and Owner's Equity Withdrawals for June 7. Prepare a statement of owner's equily for June 30,20 ... Bal. Salary Expense Bal. Rent Expense Bal. Utilities Expense Bal. Miscellaneous Expense Bal. S. Myers, Capital Bal. S. Myers, Drawing Bal. Professional Fees Bal. Salary Expense Bal. Rent Expense Bal. Utilities Expense
