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Transaction Analysis, Trial Balance, and Financial Statements Angela Mehl operates the Mehl Dance Studio. On June 1, the business's general ledger contained the following information: Cash Accounts Receivable Total Accounts Payable Notes Payable Common Stock Retained Earnings Total $6,523 8,162 $14,685 $528 3,300 8,657 2,200 $14,685 $1,073 5,852 1,650 6,160 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 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 385 440 2,310 528 308 825 6,050 Required a. Record these transactions in the general journal and post them to the T-accounts. b. Prepare a trial balance as of June 30. Journal Entries T-Accounts Trial Balance General Journal Post ref. Date Description Debit Credit June To record payment of studio rent. (2) 0 To record payment of piano rent. 0 To record cash collection from students. To record note payable. To record June billings. (6) 0 To record payment of interest. o To record payment for advertising. (8) 0 To record payment for costume rental. (9) 0 To record receipts for admission fees. . (10) To record payment owed on account. (11) o 0 o To record June utilities invoice. (12) 0 To record cash dividend. (13) To record purchase of a piano. Journal Entries T-Accounts Trial Balance Cash Accounts Receivable Piano Common Stock Beg (13) Beg Bal Bal Accounts Payable Notes Payable Retained Earnings Dividends Beg Beg Beg Bal (12) Bal (10) 0 | (11) Bal Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Bal Advertising Expense Interest Expense Journal Entries T-Accounts Trial Balance Credit MEHL DANCE STUDIO Trial Balance June 30 Debit Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals

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