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on june 2,2020, Betty Rice opened Betty's Art studio in Toronto.the transactions occured in June. 1.journalize tge following transactions 2.poat the transactions in the ledger
on june 2,2020, Betty Rice opened Betty's Art studio in Toronto.the transactions occured in June. 1.journalize tge following transactions 2.poat the transactions in the ledger 3.prepare tge trial balance as of june 30,2020
Purchased $600 worth of equipment from Astor Co. on account. 2020 June 2 Betty Rice invested $12,000 in the art studio. 3 Paid three months' rent in advance, $1,200. 4 6 Received $900 cash for art training workshop for teachers. 9 Purchased $400 worth of art supplies for cash. 10 Billed Lester Co. $2,100 for group art lessons for its employees. 10 Paid salaries of assistants, $600. 16 Betty withdrew $200 from the business for her personal use. 27 Paid electrical expense, $140. 30 Paid telephone bill for June, $210. The chart of accounts for Betty's Art Studio is as follows: Chart of Accounts Owner's Equity Assets 311 Betty Rice, Capital 111 Cash 312 Betty Rice, Withdrawals 112 Accounts Receivable 114 Prepaid Rent Revenue 121 Art Supplies 411 Art Fees Earned 131 Equipment Expenses Liabilities 511 Electrical Expense 211 Accounts Payable 521 Salaries Expense 531 Telephone ExpenseStep by Step Solution
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