Craig Fisher started a lawn service called Craig's Quick Cut to earn money over the summer months. Transactions for the month of June are listed below. (a) Invested cash in the business, $3,000. (b) Bought mowing equipment for $1,000 : paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, $50. (d) Provided lawn services for customers on account, $520. (e) Paid phone bill, $30. (f) Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (i) Paid associates for lawn work done during the first half of the month, $350. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), \$200. (I) Earned lawn fees of $1,320 : $600 in cash and $720 on account. (j) Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), \$200. (I) Earned lawn fees of $1,320 : $600 in cash and $720 on account. (m) Paid associates for last half of month, $700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (o) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 2. Foot and balance the T accounts where necessary. 3. Prepare a trial balance of the accounts as of June 30,20. 4. Prepare an income statement for the month ended June 30, 20--. 5. Prepare a statement of owner's equity for the month ended June 30,20-. 6. Prepare a balance sheet as of June 30,20. 1. Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 2. Foot and balance the T accounts where necessary. T-Accounts Instructions T-Accounts \begin{tabular}{|c|c|c|c|c|c|} \hline (f) & & 500 & (c) & & 50 \\ \hline (h) & & 400 & (e) & & 30 \\ \hline \multirow[t]{9}{*}{ (i) } & & 600 & (g) & & 480 \\ \hline & & 4,500 & (i) & & 350 \\ \hline & & & (j) & & 60 \\ \hline & & & (k) & & 200 \\ \hline & & & & & 700 \\ \hline & & & & & 150 \\ \hline & & & & & 100 \\ \hline & & & & & 200 \\ \hline & & & & & 1,980 \\ \hline Bal. & & 4,500 & & & 4,500 \\ \hline \end{tabular} Accounts Receivable \begin{tabular}{|c|c|c|c|} \hline & 520 & & 400 \\ \hline & 720 & & \\ \hline Bal. & 1,240 & & 1,240 \\ \hline \end{tabular} Mowing Equipment \begin{tabular}{r|} \hline 1,000 \\ \hline \\ Lawn Tools \\ \hline \\ \hline \end{tabular} Liabilities Dr. \begin{tabular}{ll} Cr. & + \\ & + \end{tabular} T IUIIC EApeise T-Accounts Phone Expense \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Lawn Fees } \\ \hline & - & & 520 \\ \hline & & & 600 \\ \hline Bal. & & & \\ \hline \end{tabular} Income Statement Income Statement Craig Quick Cut (June 30, 20..) \begin{tabular}{|c|c|c|c|c|} \hline 1 & particulars: & & & \\ \hline 2 & Lawn Fees & & & $1,840.00 \\ \hline 3 & less: & & & \\ \hline 4 & Rent Expense & & $50.00 & \\ \hline 5 & Phone Expense & & 30.00 & \\ \hline 6 & Wages Expense & & 1,050.00 & \\ \hline 7 & Gas and Oil Expense & & 60.00 & \\ \hline 8 & Transportation Expense & - & 150.00 & \\ \hline 9 & & & & 1,340.00 \\ \hline 10 & Net Income & & & $500.00 \\ \hline \end{tabular} 5. Prepare a statement of owner's equity for the month ended June 30, 20--. Statement of Owner's Equity Instructions 6. Prepare a balance sheet as of June 30, 20--. Balance Sheet Instructions