lee adkins is a portrait artist the following schedule represents lee s combined cha 492291

Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.

The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:

6/2: Collected $7,500 on account from customers.

6/7: Sold 25% of the equipment and supplies to a young artist for $700 for cash 6/10: Received a $500 bill from the accountant for preparing last quarter’s financial statements.

6/15: Paid $2,100 to creditors on account.

6/27: Adkins withdrew $1,000 cash for personal use.

6/30: Billed a customer $3,000 for a portrait painted this month.

a. Record the necessary journal entries for June on page 2 of the company’s general journal.

b. Open running balance ledger “T” accounts by entering account titles, account num¬bers, and May 31 balances.

c. Post the journal entries to the “T” accounts.

d. Prepare a trial balance as of June 30.