The following general ledger accounts are taken from the books of Collins Corporation at June 30, 2015, the end of the first month of operation.

Required:
1. Prepare journal entries to record the June transactions, including likely descriptions of the transactions.
2. Total the T-accounts and prepare a trial balance at June 30.
3. Prepare an income statement and statement of changes in equity for the month ended June 30, 2015 and a balance sheet at June 30, 2015.

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Cash Bank Loan Share Capital Repair Revenue Jn. 1 25,000 n. 1 500 20 5,000 15 1,000 23 4,000 30 1,000 30 2,000 30 16,000 n. 30 4,000 n. 1 25,000 n. 20 5,000 30 3,000 Prepaid Insurance Jn. 1 2,000 Un. 30 200 Accounts Payable Rent Expense n. 27 100 Jn.1 500 Accounts Receivable Salaries Expense Jn. 30 3,000 Jn. 15 1,000 30 1,000 Unused Supplies Supplies Expense n. 23 4,000 n 30 200 Jn. 30 200 Land Telephone Expense Jn. 30 5,000 n. 27 100 Building Insurance Expense Jn. 30 15,000 n. 30 200