110

Cash

$ 2,700

120

Accounts Receivable

12,100

130

Equipment and Supplies

2,800

140

Studio

45,000

210

Accounts Payable

$2,600

310

Lee Adkins, Owners Equity

57,400

320

Lee Adkins, Drawing

30,000

410

Revenue

39,000

510

Advertising Expense

2,300

520

Salaries Expense

2,100

540

Utilities Expense

2,000

$99,000

$99,000

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.

Open running balance ledger “T” accounts by entering account titles, account num­bers, and May 31 balances.