Chapter 3, Problem 5PB

Following is the chart of accounts of Smith Financial Services:

Smith completed the following transactions during June (the first month of business):

Required

1. 1. Journalize the transactions for June in the general journal.
2. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.)
3. 3. Prepare a trial balance as of June 30, 20–.
4. 4. Prepare an income statement for the month ended June 30, 20–.
5. 5. Prepare a statement of owner’s equity for the month ended June 30, 20–.
6. 6. Prepare a balance sheet as of June 30, 20–.