Below are the transactions for Salukis Car Cleaning for June, the first month of operations.

June 1 Obtain a loan of $70,000 from the bank by signing a note.

June 2Issue common stock in exchange for cash of $40,000.

June 7 Purchase car wash equipment for $75,000 cash.

June0 Purchase cleaning supplies of $8,000 on account.

June 12 Wash 500 cars for $10 each. All customers pay cash.

June 16 Pay employees $900 for work performed.

June 19 Pay for advertising in a local newspaper, costing $500.

June 23 Wash 600 cars for $10 each on account.

June 29 Pay employees $950 for work performed.

June 30 A utility bill of $1,400 for the current month is paid.

June 30 Pay dividends of $600 to stockholders.

Required:

1. Record each transaction.

2. Post each transaction to the appropriate T-accounts.

3. Calculate the balance of each account.

4. Prepare a trial balance for June.

Salukis uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, Advertising Expense, and Utilities Expense.