Preparing Journal Entries and Posting De Fond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Prepare a journal entry for each transaction. June 1 M. DeFond invested $9,000 cash to begin the business in exchange for common stock. 2 Paid $713 cash for June rent. 3 Purchased $4,800 of office equipment on credit. 6 Purchased $2,850 of art materials and other supplies; the company paid $1,350 cash with the remainder due within 30 days. 11 Billed clients $3,525 for services rendered. 17 Collected $2,438 cash from clients on their accounts billed on June 11. 19 Paid $2,250 cash toward the account for office equipment (see June 3). 25 Paid $675 cash for dividends. 30 Paid $263 cash for June utilities. 30 Paid $1,875 cash for June wages. Prepare a journal entry for each transaction. (Record each transaction in the order it appears.) GENERAL JOURNAL Date Description Debit Credit June 1 June 2 June 3 June 6 Cash June 11 June 17 June 19 June 25 June 30 June 30 June 30 Create a T-account for each account, and then post the journal entries to the T-accounts. Enter transactions in the T-accounts in the order they appear. Cash Supplies Office Equipment Accounts Receivable Accounts Payable Common Stock Dividends Rent Expense Utilities Expense Wages Expense Service Fees Earned