Transaction Analysis, Trial Balance, and Financial Statements Kate Smith operates the Smith Dance Studio. On June 1, the business's general ledger contained the following information: Cash $10,930 Accounts Payable $480 Accounts Receivable 18,200 Notes Payable 3,000 Common Stock 11,870 Retained Earnings 13,780 Total $29,130 Total $29,130 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 outstanding notes payable. 7 Paid for advertising ballet performances. 8 Paid costume rental (Rent Expense). 9 Collected admission fees from ballet performances given during the month. 10 Paid amount owed on account. 11 Received invoice for June utilities, to be paid in July. 12 Paid stockholders a cash dividend. 13 Used cash to purchase piano, to be used in business starting in July. $3,000 800 14,320 6,500 9,600 110 550 800 780 480 900 6,000 Credit SMITH DANCE STUDIO Trial Balance June 30 Debit Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals