On June 2, 2023, Betty Rice opened Betty’s Art Studio in Toronto. The following transactions occurred in June:
2023
June
2 Betty Rice invested $12,000 in the art studio.
3 Paid three months’ rent in advance, $1,200.
4 Purchased $600 worth of equipment from Astor Co. on account.
6 Received $900 cash for art training workshop for teachers.
9 Purchased $400 worth of art supplies with cash.
10 Billed Lester Co. $2,100 for group art lessons for its employees.
10 Paid salaries of assistants, $600.
16 Betty withdrew $200 from the business for her personal use.
27 Paid electrical expense, $140.
30 Paid telephone bill for June, $210.

Required
a. The ledger is already set up for you based on the chart of accounts
b. Journalize (using journal page 1) and post the June transactions
c. Prepare a trial balance as of June 30, 2023

The chart of accounts for Betty’s Art Studio is as follows:

Transcribed Image Text:

Assets 111 Cash 112 Accounts Receivable 114 Prepaid Rent 121 Art Supplies 131 Equipment Liabilities 211 Accounts Payable Chart of Accounts Owner's Equity 311 Betty Rice, Capital 312 Betty Rice, Withdrawals Revenue 411 Art Fees Earned Expenses 511 Electrical Expense 521 Salaries Expense 531 Telephone Expense