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

June 1 ................Obtain a loan of $60,000 from the bank by signing a note.

June 2 ................Issue common stock in exchange for cash of $30,000.

June 7 ................Purchase car wash equipment for $65,000 cash.

June 10 ...............Purchase cleaning supplies of $7,000 on account.

June 12 ...............Wash 400 cars for $10 each. All customers pay cash.

June 16 ...............Pay employees $800 for work performed.

June 19 ...............Pay for advertising in a local newspaper, costing $400.

June 23 ...............Wash 500 cars for $10 each on account.

June 29 ...............Pay employees $850 for work performed.

June 30 ...............A utility bill of $1,300 for the current month is paid.

June 30 ...............Pay dividends of $500 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.