cp 3. hw #8

please help

T-Accounts

Trial Balance

Income Statement

Craig Fisher started a lawn service called Craig's Quick Cut to earn money over the summer months. Transactions for the month of June are listed below. (a) Invested cash in the business, $3,000. (b) Bought mowing equipment for $1,000 : paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, \$50. (d) Provided lawn services for customers on account, $520. (e) Paid phone bill, $30. (f) Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (i) Paid associates for lawn work done during the first half of the month, $350. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200. (i) Earned lawn fees of $1,320:$600 in cash and $720 on account. (m) Paid associates for last half of month, $700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (o) Paid on note payable to bank, $100. (h) Collected cash from customers for services performed on account in transaction (d), $400. (i) Paid associates for lawn work done during the first half of the month, $350. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200. (i) Earned lawn fees of $1,320:$600 in cash and $720 on account. (m) Paid associates for last half of month, $700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (o) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 2. Foot and balance the Taccounts where necessary. 3. Prepare a trial balance of the accounts as of June 30,20 4. Prepare an income statement for the month ended June 30,20. 5. Prepare a statement of owner's equity for the month ended June 30,20 6. Prepare a balance sheet as of June 30,20 -. 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the Taccounts. 2. Foot and balance the T accounts where necessary. T-Accounts instructions T-Accounts Instructions T-Accounts Accounts Receivable Bal. Mowing Equipment Lawn Tools Liabilities Dr. Accounts Payable Instructio T-Accounts Accounts Payable Bal. Craig Fisher, Capital Dr. Drawing Instructio Instructions T-Accounts T-Accounts Phone Expense Gas and Oil Expense Transportation Expense Revenues Dr. Instructions Labels and Amount Descriptions T-Accounts T-Accounts Phone Expense Gas and Oil Expense Transportation Expense Revenues Dr. Cr. Lawn Fees Bal. 3. Prepare a trial balance of the accounts as of June 30,20 Trial Balance Iine 2 ? = 4. Prepare an income statement for the month ended June 30, 20 . Income Statement Craig's Quick Cut Income Statement (Label) 1 (Label) 2 3 (Label) 4 5 6 7 8 9 10