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: Cash $8,895 11,130 Accounts Receivable $20,025 Total Accounts Payable Notes Payable Common Stock Retained Earnings Total $720 4,500 11,805 3,000 $20,025 $1,464 135 7,980 2,250 8,400 The following transactions occurred during the month of June: 1 Paid June rent for practice studio. 2 Paid June piano rental (Rent Expense). 3 Collected from students on account. 4 Borrowed and signed a promissory note payable due in 6 months for 5 Billed students for June instructional fees. 6 Paid interest for June on notes payable. 7 Paid for advertising ballet performances. 8 Paid costume rental (Rent Expense). Collected admission fees from ballet performances given during the month. 0 Paid amount owed on account. Received invoice for June utilities, to be paid in July. Paid stockholders a cash dividend. Used cash to purchase piano, to be used in business starting in July. 45 525 600 3,150 1,080 630 1,688 7,500 General Journal Post ref. Description Debit Credit Date June To record payment of studio rent. (2) To record payment of piano rent. (3) To record cash collection from students. (4) To record note payable. (5) To record June billings. (6) To record payment of interest. To record payment for advertising. (8) - To record payment for costume rental. (9) To record receipts for admission fees (10) To record payment owed on account. To record June utilities invoice, (12) To record cash dividend. (13) To record purchase of a piano. (5) Bal Accounts Payable Notes Payable Retained Earnings Beg Beg Bal Bal ructional Fees Earned Performance Revenue Rent Expense (9) (1) Bal (2)