Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow.

Transactions

Brenda Jo Smith invested $20,000 in cash to start the business.

Paid $2,000 for advertisements in a design magazine.

Purchased office furniture for $6,200 in cash.

Performed services for $7,800 in cash.

Paid $275 for the monthly telephone bill.

Performed services for $1,820 on credit.

Purchased a fax machine for $650; paid $75 in cash, with the balance due in 30 days.

Paid a bill for $680 from the office cleaning service.

Received $1,800 from clients on account.

Purchased additional office chairs for $675; received credit terms of 30 days.

Paid $5,300 for salaries.

Issued a check for $290 in partial payment of the amount owed for office chairs.

Received $2,560 in cash for services performed.

Issued a check for $590 for utilities expense.

Performed services for $2,280 on credit.

Collected $1,030 from clients on account.

Brenda Jo Smith withdrew $2,630 in cash for personal expenses.

Paid $730 to Copy Quick for photocopy work performed during the month.

(Hint: Include office cleaning services and photocopy expenses under "Miscellaneous Expense".)

Required:

(1) Post the above transactions into the appropriate T accounts.

(2) Determine the account balances. Prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet for Brenda Jo Smith, Architect.

Analyze:

Using the basic accounting equation, what is the financial condition of Brenda Jo Smith's business at month-end?

EXCEL FORMAT****