LO3, 4,5 P3-12A. Transaction Analysis, Trial Balance, and Financial Statements Angela Mehl operates the Mehl Dance Studio. On June 1, the business's general ledger contained the following information: 480 3,580 7,870 $13,930 $13,930 The following transactions occurred during the month of June: June 1 Paid June rent for practice studio, $975. 2 Paid June piano rental, $240 (Rent Expense) 3 Collected $5,320 from students on account. 4 Borrowed $1,500 and signed a promissory note payable due in six months 5 Billed students for June instructional fees, $7,500 6 Paid interest for June on notes payable, $30 7 Paid $350 for advertising ballet performances 8 Paid costume rental, $550 (Rent Expense) 9 Collected $2,100 admission fees from bailer performances given during the month. 10 Paid $480 owed on account. 11 Received invoice for June utilities, to be paid in July, $465 12 Paid stockholders $900 cash as a dividend. 13 Purchased piano for $5,000 cash, to be used in business starting in July 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. Recon the listed transactions in the accounts. b. Prepare a trial balance as of June 30 c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. s. Prepare a post-closing trial balance 3, 4, 5, 6 P3-13A LO3, 4,5 P3-12A. Transaction Analysis, Trial Balance, and Financial Statements Angela Mehl operates the Mehl Dance Studio. On June 1, the business's general ledger contained the following information: 480 3,580 7,870 $13,930 $13,930 The following transactions occurred during the month of June: June 1 Paid June rent for practice studio, $975. 2 Paid June piano rental, $240 (Rent Expense) 3 Collected $5,320 from students on account. 4 Borrowed $1,500 and signed a promissory note payable due in six months 5 Billed students for June instructional fees, $7,500 6 Paid interest for June on notes payable, $30 7 Paid $350 for advertising ballet performances 8 Paid costume rental, $550 (Rent Expense) 9 Collected $2,100 admission fees from bailer performances given during the month. 10 Paid $480 owed on account. 11 Received invoice for June utilities, to be paid in July, $465 12 Paid stockholders $900 cash as a dividend. 13 Purchased piano for $5,000 cash, to be used in business starting in July 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. Recon the listed transactions in the accounts. b. Prepare a trial balance as of June 30 c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. s. Prepare a post-closing trial balance 3, 4, 5, 6 P3-13A