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Transaction Analysis, Trial Balance, and Financial Statements. Kate Miller operates the Miller Dance Studio. On June 1, the business's general ledger...
Transaction Analysis, Trial Balance, and Financial Statements.
Kate Miller operates the Miller Dance Studio. On June 1, the business's general ledger contained the following information:
Cash $ 10,930 Accounts Payable $480
Accounts Receivable $17, 420. Notes Payable $3,000
Common Stock $11,870
Retained Earnings $13,000
Total 28,350. Total: 28,350
The following transactions occured during the month of June:
1. Paid June rent for the studio. $2,075
2. Paid June piano rental (Rent expense) $800
3 Collected from students on account. $14,320
4. Borrowed and signed a promissory note payable due in 6 months for $6,500
5. Billed students for June instructional fees. $9,600
6. Paid interest for June on outstanding notes payable $90
7. Paid for advertising ballet performances $550
8. Paid costume rental (Rent expense) $800
9. Collected admission fees from ballet performances given during the month $6,100
10. Paid anount owed on account $780
11. Recieved invoice for June utilities to be paid in July $480
12. Paid stockholders a cash dividend $850
13. Used cash to purchase piano, to be used in business starting in July $6,000