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The following general ledger accounts are taken from the books of Collins Corporation at June 30, 2015, the end of the first month of operation.
1. Prepare journal entries to record the June transactions, including likely descriptions of the transactions.
2. Total the T-accounts and prepare a trial balance at June 30. 3. Prepare an income statement and statement of changes in equity for the month ended June 30, 2015 and a balance sheet at June 30, 2015.