Transaction Analysis, Trial Balance, and Financial Statements Angela Mica operates the Mica Dance Studio. On June 1, the business's general ledger contained the following information: Cash $5,930 Accounts Payable $480 Accounts Receivable 8,400 Notes Payable 3,980 Common Stock 7,870 Retained Earnings 2,000 $14,330 $14,330 1 The following transactions occurred during the month of June: Paid June rent for practice studio, $875 2 Paid June piano rental (Rent Expense) 240 3 Collected from students on account. 5,320 4 Borrowed and signed a promissory note payable due in 6 months 1,500 5 Billed students for June instructional fees. 7,500 6 Paid interest for June on notes payable. 30 7 Paid for advertising ballet performances. 375 Paid costume rental (Rent Expense). 550 Collected admission fees from ballet performances given during the month. 2,100 10 Paid amount owed on account. 480 11 Received invoice for June utilities, to be paid in July, 510 12 Paid stockholders a cash dividend. 900 13 Used cash to purchase piano, to be used in business starting in July 5,500 8 9 Required a. Record these transactions in the general journal and post them to the T-accounts. b. Prepare a trial balance as of June 30. Journal Entries T-Accounts Trial Balance Date Description General Journal Post ref. (1) $ Debit Credit June 0 $ 0 0 To record payment of studio rent. > (2) 0 0 0 To record payment of piano rent. (3) 0 0 0 0 To record cash collection from students. . (4) 0 0 0 0 To record note payable. e (5) 0 0 0 0 To record June billings. . (6) 0 0 0 O To record payment of interest. (7) 0 0 > > 0 0 To record payment for advertising. . (8) 0 0 0 0 To record payment for costume rental. (9) 0 0 ( 0 0 To record receipts for admission fees. (10) 0 0 0 0 To record payment owed on account. ( (11) 0 0 0 0 To record June utilities invoice. (12) 0 0 e + 0 0 To record cash dividend. (13) 0 0 . . 0 To record purchase of a piano. Journal Entries T-Accounts Trial Balance Cash 0 0 Accounts Receivable 0 0 Piano 0 0 0 (13) Bal 0 0 0 0 0 Beg (3) (5) Bal 0 0 0 0 0. 0 Common Stock 0 0 0 Beg Bal 0 0 0 Beg (2) (3) (4) (6) (7) (8) (9) (10) (12) (13) Bal 0 o o o o o o o o o o 0 0 0 0 0 Accounts Payable 0 Notes Payable 0 Retained Earnings 0 0 0 0 Beg (10) Beg Bal 0 0 0 Beg (4) Bal 0 0 OOO 0 0 0 Bal 0 Dividends 0 0 (12) Bal 0 0 Instructional Fees Earned Performance Revenue Rent Expense (5) 0 0 0 0 (9) Bal Bal 0 0 0 0 (1) (2) (8) 0 0 OOOO Bal 0 Utilities Expense 0 0 (11) Bal 0 0 Advertising Expense 0 0 Interest Expense 0 0 (7) Bal (6) Bal 0 0 0 Journal Entries T-Accounts Trial Balance MICA DANCE STUDIO Trial Balance June 30 Debit Cash 0 Accounts Receivable 0 Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals 0 0 0 0 0 0 0 0 0 0 0 0 0 0
