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Transaction Analysis, Trial Balance, and Financial Statements

Kate Miller operates the Miller Dance Studio. On June 1, the business's general ledger contained the following information:

Cash	$16,074
Accounts Receivable	31,356
Total	$47,430
Accounts Payable	$864
Notes Payable	5,400
Common Stock	17,766
Retained Earnings	23,400
Total	$47,430

The following transactions occurred during the month of June:

1	Paid June rent for practice studio.	$1,935
2	Paid June piano rental (Rent Expense).	1,620
3	Collected from students on account.	22,176
4	Borrowed and signed a promissory note payable due in 6 months for	9,900
5	Billed students for June instructional fees.	13,680
6	Paid interest for June on outstanding notes payable.	108
7	Paid for advertising ballet performances.	630
8	Paid costume rental (Rent Expense).	1,080
9	Collected admission fees from ballet performances given during the month.	7,380
10	Paid amount owed on account.	864
11	Received invoice for June utilities, to be paid in July.	504
12	Paid stockholders a cash dividend.	1,350
13	Used cash to purchase piano, to be used in business starting in July.	9,000

Required a. Set up accounts for the general ledger with June 1 balances and enter the beginning balances. Also provide the following accounts: Piano; Dividends; Instructional Fees Earned; Performance Revenue; Rent Expense; Utilities Expense; Advertising Expense; and Interest Expense. Record the listed transactions in the accounts.

b. Prepare a trial balance as of June 30.

a.

Description	Debit	Credit
To record payment of studio rent.
To record payment of piano rent.
To record cash collection from students.
To record note payable.
To record June billings.
To record payment of interest.
To record payment for advertising.
To record payment for costume rental.
To record receipts for admission fees
To record payment owed on account.
To record June utilities invoice.
To record cash dividend.

To record purchase of a piano.

Cash
Beg	Answer	Answer
(1)	Answer	Answer
(2)	Answer	Answer
(3)	Answer	Answer
(4)	Answer	Answer
(6)	Answer	Answer
(7)	Answer	Answer
(8)	Answer	Answer
(9)	Answer	Answer
(10)	Answer	Answer
(12)	Answer	Answer
(13)	Answer	Answer
Bal	Answer	Answer

Accounts Receivable
Beg	Answer	Answer
(3)	Answer	Answer
(5)	Answer	Answer
Bal	Answer	Answer

Piano
(13)	Answer	Answer
Bal	Answer	Answer

Common Stock
Beg	Answer	Answer
Bal	Answer	Answer

Accounts Payable
Beg	Answer	Answer
(10)	Answer	Answer
(11)	Answer	Answer
Bal	Answer	Answer

Notes Payable
Beg	Answer	Answer
(4)	Answer	Answer
Bal	Answer	Answer

Retained Earnings
Beg	Answer	Answer
Bal	Answer	Answer

Dividends
(12)	Answer	Answer
Bal	Answer	Answer

Instructional Fees Earned
(5)	Answer	Answer
Bal	Answer	Answer

Performance Revenue
(9)	Answer	Answer
Bal	Answer	Answer

Rent Expense
(1)	Answer	Answer
(2)	Answer	Answer
(8)	Answer	Answer
Bal	Answer	Answer

Utilities Expense
(11)	Answer	Answer
Bal	Answer	Answer

Advertising Expense
(7)	Answer	Answer
Bal	Answer	Answer

Interest Expense
(6)	Answer	Answer
Bal	Answer	Answer

b.

MILLER DANCE STUDIO Trial Balance June 30
		Debit		Credit
Cash		$Answer		$Answer
Accounts Receivable		Answer		Answer
Piano		Answer		Answer
Accounts Payable		Answer		Answer
Notes Payable		Answer		Answer
Common Stock		Answer		Answer
Retained Earnings		Answer		Answer
Dividends		Answer		Answer
Instructional Fees Earned		Answer		Answer
Performance Revenue		Answer		Answer
Rent Expense		Answer		Answer
Utilities Expense		Answer		Answer
Advertising Expense		Answer		Answer
Interest Expense		Answer		Answer
Totals		$Answer		$Answer