M3-13 Refer to the information below. Prepare a journal entry for each transaction. Create a T account for each account.

June

1 K Daniels invested $12,000 cash to begin the business in exchange for common stock.

2 Paid $950 cash for June Rent

3 Purchased $6,400 of office equipment on credit

6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days

11 Billed clients $4,700 for services rendered

17 Collected $3,250 cash from clients on their accounts billed June 11th

19 Paid $5,000 cash toward the account for office equipment (see June 3)

25 Paid $900 cash for dividends

30 Paid $350 cash for June utilites

30 Paid $2,500 cash for June wages