Preparing Journal Entries and Posting DeFond 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 $6,000 cash to begin the business in exchange for common stock 2 Paid $475 cash for June rent.Hint Record rent expense on June 2 3 Purchased $3,200 of office equipment on credit. 6 Purchased $1,900 of art materials and other supplies; the company paid $900 cash with the remainder due within 30 days. 11 Billed clients $2,350 for services rendered. 17 Collected $1,625 cash from clients on their accounts billed on June 11. 19 Paid $1,500 cash toward the account for office equipment (see June 3) 25 Paid $450 cash for dividends. 30 Paid $175 cash for June utilities 30 Paid $1,250 cash for June wages