Willis Construction, Inc., completed the following transactions during June 2016, its first month of operations:

Jun 2 Sold $10,000 of common stock to Davis Willis to start the construction business.

3 Paid monthly office rent. $1,300

6 Paid cash for new construction equipment, $2,800.

8 Purchased office furniture on account, $1 .500.

11 Purchased supplies on account, $600.

19 Performed service for a client on account. $2300.

20 Paid utility expenses, $145.

28 Performed service for a client and received cash for the full amount of $1,800.

Requirements

1. Open, or set up, T-accounts in the ledger for the following accounts: Cash,

Accounts Receivable, Supplies, Equipment, Furniture, Accounts Payable,

Common Stock, Service Revenue, Rent Expense, and Utilities Expense.

2. Record transactions in the journal. Explanations are not required.

3. Post the journal entries to the T-accounts, identify all items by date. Calculate the ending balance in each account.

4. Prepare a trial balance at June 30, 2016.

5. Prepare the income statement, statement of retained earnings, and balance sheet.