Question

Please help me with figuring out the required elements of the question and putting them into Excel.

income for the year! operates the Mica 6 P3-12A. Transaction Analysis, Trial Balance, and Financial Statements Angela Mica operates Dance Studio. On June 1, the business's general ledger contained the following information • $ $ 5,930 8,400 Cash....... Accounts receivable...... 480 Accounts payable.... Notes payable....... Common stock ....... Retained earnings ...... 3,980 7,870 2,000 $14,330 $14,330 The following transactions occurred during the month of June: 1 Paid June rent for practice studio, $875. 2 Paid June piano rental, $240 (Rent Expense). 3 Collected $5,320 from students on account. 4 Borrowed $1,500 and signed a promissory note payable due in six months. 5 Billed students for June instructional fees, $7,500. 6 Paid interest for June on notes payable, $30. 7 Paid $375 for advertising ballet performances. 8 Paid costume rental, $550 (Rent Expense). 9 Collected $2,100 admission fees from ballet performances given during the month. 10 Paid $480 owed on account. 11 Received invoice for June utilities, to be paid in July, $510. 12 Paid stockholders $900 cash as a dividend. 13 Purchased piano for $5,500 cash, to be used in business starting in July. Required a. Set up accounts for the general ledger with June 1 balances and enter the beginning balances. Also provide the following accounts: Piano; Dividends; Instructional Fees Earned; Performance Revenue; Rent Expense; Utilities Expense; Advertising Expense; and Interest Expense. Record the listed transactions in the accounts. b. Prepare a trial balance as of June 30. C. Prepare an income statement for the month of June.

Answer 1

Mica Dance Studio Journal Enteries Trans. Particulars 1 Rent Expense a/c To Cash (Rent paid) Dr. Debit in $ Credit in 875 875 2 Dr. 240 Piano rental expense a/c To Cash (Rent paid) 240 3 Dr. 5320 Cash a/c To Accounts Receivable (Cash from debtors) 5320 Dr. 1500 Cash a/c To Note Payable (Cash borrowed) 1500 I 5 Dr. 7500 Accounts Receivable a/c To Instructional Fees (Fees earned) 7500 6 Dr. 30 30 Interest Expense a/c To Cash (Interest paid) 30 7 375 Advertisement Expense a/c Dr. To Cash (Advertisement expense paid) 375 8 550 Costume Rental expense a/c Dr. To Cash (Rent paid) 550 9 2100 Cash a/c Dr. To Performance Revenue (Fees earned) 2100 10 Dr. 480 Accounts Payable a/c To Cash (Creditors paid) 480 11 510 Utilities Expense a/c Dr. To Accounts Payable (Expense accrued) 510 12 Dr. 900 Dividend a/c To Cash (Dividend paid) 900 13 Dr. 5500 Piano a/c To Cash (Piano purchased) 5500

Closing Enteries Date Particulars Debit in $ Credit in Jun-30 Income Summary a/c Dr. 2580 To Piano rental expense 240 To Advertisement Expense 375 To Costume Rental expense 550 To Rent Expense 875 To Utilities Expense To Interest Expense (Expense accounts closed) 510 7500 2100 Jun-30 Instructional Fees a/c Dr. Performance Revenue a/c Dr. To Income Summary (Revenue accounts closed) 9600 7020 Jun-30 Income Summary a/c Dr. To Retained Earnings (Profits transferred) 7020 Dr. 900 Jun-30 Retained Earnings a/c To Dividend (Dividends charged) 900

Trial Balance For the Month ending June 30 Particulars Cash Accounts Receivable Piano Accounts Payable Note Payable Common Stock Retained Earnings Dividend Instructional Fees Performance Revenue Piano rental expense Advertisement Expense Costume Rental expense Rent Expense Utilities Expense Interest Expense Totals Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ 5900 5900 10580 10580 5500 5500 510 510 5480 5480 7870 7870 2000 8120 900 7500 2100 240 375 550 875 510 30 25460 2546021980 21980

Statement of Income For the Month ending June 30 Instructional Fees Performance Revenue 7500 2100 9600 Less: Piano rental expense Advertisement Expense Costume Rental expense Rent Expense Utilities Expense Interest Expense Net Income 875 30 2580 7020 Statement of Stockholders Equity For the Month ending June 30 Common Retained Stock Earnings Beginning Balance 7870 2000 Add:Net Income 7020 7870 9020 Less:Dividends -900 Totals 7870 8120 Total 9870 7020 16890 -900 15990

Amounts Amounts Balance sheet As at June 30 Assets Current Assets Cash Accounts Receivable Amounts Amounts Liabilities Current Liabilities 5900 Accounts Payable 10580 16480 Note Payable 510 5480 5990 Non Current Assets Piano Shareholders Equity 5500 Common Stock Retained Earnings 21980 Total Liabilities & Equity 7870 8120 15990 21980 Total Assets