Operating Expenses Assignment

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. b. Prepare a trial balance as of June 30 for Potter Pool Services. Potter Pool Services Trial Balance June 30 c. Assuming that 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. Calculator Accounts Receivable Bal. Supplies Accounts Payable Bal. Common Stock Dividends Professional Fees Bal. Operating Expenses. .