Transaction Analysis, Trial Balance, and Financial Statements. Kate Miller operates the Miller Dance Studio. On June 1, the business’s general ledger…

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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 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

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