Journalize the transactions for June in the general journal.

Post to entries to the general ledger accounts

Use the account balances to prepare a trial, balance, income statement, a statement of owners, equity, and a balance sheet.

PROBLEM 3-5B Following is the chart of accounts of Smith Financial Services: Assets 111Cash113AccountsReceivableRevenue411ProfessionalFees 113 Accounts Receivable 115 Supplies 117PrepaidInsurance124OfficeFurnitureLiabilities221AccountsPayableExpenses511SalaryExpense512RentExpense513AdvertisingExpense514UtilitiesExpense Owner's Equity 311 A. Smith, Capital 312 A. Smith, Drawing Smith completed the following transactions during June (the first month of business): June 1 Smith deposited $10,000 in a bank account in the name of the business. 3 Sold financial services on account to W. Johnson, \$3,030, Inv. No. 001. 8 Paid a bill for advertising, \$100, Ck. No. 200. 9 Bought supplies on account from Jones Supply, \$75, Inv. No. 405. 13 Performed financial services for clients for cash, $3,200. 17 Received and paid the bill for utilities, \$104, Ck. No. 201. 19 Bought a desk and chair from Davis Furniture, $600, paying $50 in cash and placing the balance on account, Ck. No. 202. 20 Bought liability insurance for one year, \$600, Ck. No. 203. 23 Paid the rent for the current month, \$400, Ck. No. 204. 27 Paid on account to Jones Supply, $75, for supplies purchased on June 9 , Ck. No. 205. 29 Received $3,030 from W. Johnson for services performed on June 3 . (Continued) Part 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions June 29 Received and paid the telephone bill for the month, $80, Ck. No. 206, 30 Paid the salary of the office assistant, \$600, Ck. No. 207. 30 Smith withdrew cash for her personal use, $800, Ck. No. 208. Required 1. Journalize the transactions for June in the general journal. 2. Post the entries to the general ledger accounts. (Skip this step if you are using QuickBooks or general ledger.) 3. Prepare a trial balance as of June 30,20. 4. Prepare an income statement for the month ended June 30,20. 5. Prepare a statement of owner's equity for the month ended June 30,20. (Skip this step if you are using QuickBooks.) 6. Prepare a balance sheet as of June 30,20. "If you are using QuickBooks or general ledger, use the year 2015 when preparing all reports