Dave Scott opened Big Wave Dave Board Repair Services Ltd. in June 2023. During June the following transactions were completed: June 1 Dave invested $24,000 cash in the business for 1,000 common shares. June 1 Purchased used board repair equipment for $26,000, paying $4,000 cash and the balance placed on account (the equipment had a list price of $27,000 ). June 1 Paid $500 for the June rent. June 3 Purchased board repair supplies for $1,800 on account. June 5 Purchased $2,400 on a 1-year insurance policy, effective June 1nt. June 12 Billed (invoiced) customers $3,800 for repair services done in June. June 18 Paid $3,000 of the amount owed on equipment, and $400 of the amount owed on repair supplies. June 20 Paid $1,600 for employee salaries. June 21 Collected $1,400 from customers billed on June 12. June 25 Billed customers $3,000 for repair services. June 30 Received the utilities bill for June, $150, to be paid in July. June 30 Declared and paid a $500 cash dividend. You are required to do the accounting for a local service business (BIG WAVE DAVE BOARD REPAIR SERVICES LTD.) for the month of June 2023. Use the following Chart of Accounts created by BIG WAVE DAVE BOARD REPAIR SERVICES LTD. No other accounts will need to be created. Cash Accounts Receivable Board Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Common Shares Retained Earnings Dividends Declared Service Revenue Board Supplies Expense Depreciation Expense Insurance Expense Rent Expense Salaries Expense Utilities Expense June 1 - Investment by Dave: Debit: Cash $24,000 Credit: Common Shares $24,000 June 1 - Purchase of used equipment: Debit: Equipment $26,000 Credit: Cash $4,000 Credit: Accounts Payable $22,000 June 1 - June Rent: Debit: Rent Expense $500 Credit: Cash $500 June 3 - Purchase of board repair supplies: Debit: Board Supplies Expense $1,800 Credit: Accounts Payable $1,800 June 5 - Purchase of Insurance: Debit: Insurance $2,400 Credit: Cash $2,400 June 12 - Billing customers for repair services: Debit: Service Revenue $3,800 Credit: Accounts Receivable $3,800 June 18 - Payment of accounts payable: Debit: Accounts Payable $3,400 Credit: Cash $3,400 June 20 - Payment of employee salaries: Debit: Salaries Expense $1,600 Credit: Cash $1,600 June 21 - Collection from customers: Debit: Accounts Receivable \$1,400 Credit: Cash $1,400 June 25 - Billing customers for repair services: Debit: Service Revenue $3,000 Credit: Accounts Receivable $3,000 June 30 - Utilities bill for June: Debit: Utilities Expense $150 Credit: Accounts Payable $150 June 30 - Dividend declaration and paym Debit: Retained Earnings $500 Credit: Dividends Declared $500 Debit: Dividends Declared $500 Credit: Cash $500 (a), (c) and (f) Prepaid Insurance \begin{tabular}{|c|c|c|c|c|c|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{3}{c|}{ Equipment } \\ \hline Date & Explanation & Ref. & Debit & Credit Balance \\ \hline & & & & \\ \hline \end{tabular} Accounts Payable \begin{tabular}{|l|l|c|c|c|c|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Salaries Payable \begin{tabular}{|c|c|c|c|c|c|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Common Shares \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Common Shares } \\ \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Retained Earnings } \\ \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Income Summary \begin{tabular}{|l|l|l|l|l|l|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Dividends Declared } \\ \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|l|l|l|l|l|l|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Board Supplies Expense \begin{tabular}{|c|c|c|c|c|c|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & \\ \hline \end{tabular} Depreciation Expense \begin{tabular}{|c|c|c|c|c|c|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Page 13 Insurance Expense \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Insurance Expense } \\ \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Rent Expense } \\ \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ \hline \end{tabular} Salaries Expense \begin{tabular}{|l|l|l|l|l|l|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ & & & & & \\ \hline \end{tabular} Utilities Expense \begin{tabular}{|l|l|l|l|l|l|} \hline Date & Explanation & Ref. & Debit & Credit & Balance \\ \hline & & & & & \\ & & & & & \\ \hline \end{tabular}