Entry and trial balance preparation . Lee Adkins is a portrait artist. The following schedule represents Lees combined chart of accounts and trial balance as of May 31.
Account number Account name Debit Credit
Equipment and Supplies
Lee Adkins, Owners Equity
Lee Adkins, Drawing
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2: Collected $7,500 on account from customers.
6/7:Sold 25% of the equipment and supplies to a young artist for $700 for cash
6/10: Received a $500 bill from the accountant for preparing last quarters financial statements.
6/15: Paid $2,100 to creditors on account.
6/27:Adkins withdrew $1,000 cash for personal use.
6/30:Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the companys general journal. (See Exhibit 2.6)
b. Open running balance ledger T accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the T accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
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