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Please help me with figuring out the required elements of the question and putting them into Excel. income for the year! operates the Mica 6
Please help me with figuring out the required elements of the question and putting them into Excel.
income for the year! operates the Mica 6 P3-12A. Transaction Analysis, Trial Balance, and Financial Statements Angela Mica operates Dance Studio. On June 1, the business's general ledger contained the following information $ $ 5,930 8,400 Cash....... Accounts receivable...... 480 Accounts payable.... Notes payable....... Common stock ....... Retained earnings ...... 3,980 7,870 2,000 $14,330 $14,330 The following transactions occurred during the month of June: 1 Paid June rent for practice studio, $875. 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 $375 for advertising ballet performances. 8 Paid costume rental, $550 (Rent Expense). 9 Collected $2,100 admission fees from ballet performances given during the month. 10 Paid $480 owed on account. 11 Received invoice for June utilities, to be paid in July, $510. 12 Paid stockholders $900 cash as a dividend. 13 Purchased piano for $5,500 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. Record the listed transactions in the accounts. b. Prepare a trial balance as of June 30. C. Prepare an income statement for the month of JuneStep by Step Solution
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