Question

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

Answer 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Times New Rom - 12 - A A BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells A1 fac Smith Dance Studio B D 11 Smith Dance Studio Debit Credit 3,000.00 3,000.00 ཀ་༔ ཆེ འོད མ་ཡི་-ཞེབ་ཨིལnཚེ་ལ S 800.00 800.00 $ 14,320.00 14,320.00 13 Date General Journal 14 Rent expense 15 To Cash (Being amount of rent paid for 16 June) 172) Rent expense 18 To Cash (Being amount of rent paid for Piano rental) 203) Cash 21 To Accounts Receivable (Being amount collected from students) 234) Cash To Notes Payable (Being amount borrowed) 26 Accounts Receivable To Instruction Fees Earned Being amount of Instruction fees earned) 29 169 Interest Expense Ke Sheet1 Sheet2 Sheet3 Select destination and press ENTER or choose Paste S 6,500.00 $ 6,500.00 24 25 9,600.00 27 S 9,600.00 28 11000 Average: 9539.352381 Count: 289 Sum: 1001632 DO 100% u 0 11:30 24-02-2020 + . a E 8 D

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Times New Rom - 12 - A A BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells A1 - 296) fx Smith Dance Studio B Interest Expense To Interest Payable (Being amount of Interest Expense) 110.00 30 110.00 31 32 550.00 34 550.00 35 36 8) 37 S 800.00 800.00 6,300.00 399) 40 Advertising Expense To Cash Being amount of Advertisement Expenses) Rent Expense To Cash (Being amount paid for costume rental) Cash To Performance Revenue (Being amount received for ballet performance) Account Payable To Cash (Being amount paid) Utilities Expense To Accounts Payable (Being amount of Utilities Expenses Ipavable) Sheet3 6,300.00 42 10) 780.00 43 780.00 44 45 46 11) 480.00 480.00 47 Sheet1 Sheet2 Ke Ready Đ Average: 9539.352381 Count: 289 Sum: 1001632 80 ^ \ 100% 0 ENG 24-053070

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Times New Rom - 12 - A A BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells A1 - 480.00 45 (11) 46 480.00 Fax Smith Dance Studio B Utilities Expense To Accounts Payable (Being amount of Utilities Expenses payable) Dividends To Cash (Being amount of dividend Paid) 900.00 900.00 Piano 6,000.00 6,000.00 To Cash (Being amount paid for Piano purchase) Cash Alc Balance Date DRC 01-Jun Beginning Balance 3,000.00 800.00 14,320.00 6.500.00 61 2) 623) 63 ) 64 5) 65 16 Ke Ready CR 10.930.00 7.930.00 7,130.00 21.450.00 27,950.00 27,400.00 26.600.00 Count: 289 Sum: 1001632 DO 100% 0 OP NOE ENG 24.03.2020 550.00 $ 800.000s Sheet1 Sheet2 Sheet30 Average: 9539.352381 +

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Cut Copy - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Times New Rom - 12 - A A BI U - ->-A Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells A1 - for Smith Dance Studio B Trial Balance June 30th Dr 25,220.00 13,480.00 6,000.00 180 9500 110.00 11.870.00 13,780.00 118 119 120 Account Head 121 Cash 122 Accounts receivable 123 Piano 124 Accounts Payable 125 Notes Payable 126 Interest Payable 127 Common Stock 128 Retained Earnings 129 Dividends 130 Rent Expense 131 Advertisement Expense 132 Interest Expense 133 Utilities Expense 134 Instruction Fees Earnied 135 Performance Fees Earned 136 Total 137 138 139 900.00 4.600.00 550.00 110.00 480.00 9,600.00 6,300.00 51,340.00 51,340.00 $ Sheet1 Sheet2 Sheet30 Ke Ready Average: 9539.352381 Count: 289 Sum: 1001632 DO 100% u + . 1 2 # * 9 @ $ e o 0 11:31 24-02-2020 a E 8 D