Craig Fisher started a lawn service called Craig's Quick Cut to earn money over the summer months. Fisher has decided to use the following accounts for recording transactions: Assets: Revenue, Cash Lawn Fees, Accounts Receivable Expenses, Mowing Equipment Rent Expenses, Lawn Tools Wages Expense, Liabilities: Phone Expense, Accounts Payable, Gas and Oil Expense, Notes Payable, Transportation Expense Owner's Equity Craig Fisher, Capital Craig Fisher, Drawing 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) Pais 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.

(l) 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 T accounts where necessary.

3. Prepare a trial balance of the accounts as of June 30, 2016.

4. Prepare an income statement for the month ended June 30, 2016.

5. Prepare a statement of owner's equity for the month ended June 30, 2016.

6. Prepare a balance sheet as of June 30, 2016. Develop an Excel document I couldn't see anything from the last person that posted the answer. It only came up as a picture frame that couldn't be opened.

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