If an amount box does not require an entry, leave it blank. a.  In the T accounts, record the following transactions of Potter Pool Services for June, identifying each entry by number: Shareholders invested $12,500 cash in the business by purchasing common stock. Purchased supplies on account, $6,250. Paid operating expenses, $5,500. Billed clients for fees, $7,440. Received cash from cash clients, $4,700. Paid creditors on account, $1,400. Received $3,100 from clients on account. Paid $1,500 cash dividends. Cash                         Bal.       Accounts Receivable         Bal.       Supplies         Accounts Payable             Bal.   Common Stock         Dividends         Professional Fees                     Bal.   Operating Expenses         b.  Prepare a trial balance as of June 30 for Potter Pool Services. Potter Pool Services Trial Balance June 30                                                       c.  Assuming that supplies expense (which has not been recorded) amounts to $1,500 for June, determine the following: (1) Net income for the month. $ (2) Stockholders' equity as of June 30. $

Question
If an amount box does not require an entry, leave it blank.

a.  In the T accounts, record the following transactions of Potter Pool Services for June, identifying each entry by number:

  1. Shareholders invested $12,500 cash in the business by purchasing common stock.
  2. Purchased supplies on account, $6,250.
  3. Paid operating expenses, $5,500.
  4. Billed clients for fees, $7,440.
  5. Received cash from cash clients, $4,700.
  6. Paid creditors on account, $1,400.
  7. Received $3,100 from clients on account.
  8. Paid $1,500 cash dividends.
Cash
       
       
       
Bal.      

Accounts Receivable
       
Bal.      

Supplies
       

Accounts Payable
       
    Bal.  

Common Stock
       

Dividends
       

Professional Fees
       
       
    Bal.  

Operating Expenses
       

b.  Prepare a trial balance as of June 30 for Potter Pool Services.

Potter Pool Services
Trial Balance
June 30
     
     
     
     
     
     
     
     
     

c.  Assuming that supplies expense (which has not been recorded) amounts to $1,500 for June, determine the following:

(1) Net income for the month. $
(2) Stockholders' equity as of June 30. $

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