Carter Wilson is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's records showed the following assets, liabilities, and owner's equity. Cash Accounts receivable Office furniture $144,000 37,000 85,000 Auto 55,000 Accounts payable 30,600 Carter Wilson, Capital 214,500 Revenue 131,600 Expenses 55,700 TRANSACTIONS 1. Performed services for $14,400 on credit. 2. Paid $3,640 in cash for new office chairs. 3. Received $27,600 in cash from credit clients. 4. Paid $1,820 in cash for telephone service. 5. Sent a check for $10,400 in partial payment of the amount due creditors. 6. Paid salaries of $21,160 in cash. 7. Sent a check for $2,570 to pay electric bill. 8. Performed services for $25,800 in cash. 9. Paid $5,320 in cash for auto repairs. 10. Performed services for $27,600 on account. Receivable Furniture Payable Capital ig balances $ 144,000 + $ 37,000 + $ 85,000 + $ 55,000 = $ 30,600 + $ 214,500 + $ 131,600 $ 55,700 1. + 14,400 + = + + 14,400 ances 144,000 + 51,400 + 85,000 + 55,000 = 30,600 + 214,500 + 146,000 55,700 2. (3,640) + 3,640 + = + + ances 140,360 + + 88,640 + 55,000 30,600 214,500 + 146,000 55,700 3. 27,600 (27,600) + + + ances 167,960 + 23,800 88,640 + 55,000 = 30,600 214,500 + 146,000 55,700 4. (1,820) + + + |= + + 1,820 ances 166,140 23,800 + 88,640 + 55,000 = 30,600 + 214,500 + 146,000 57,520 5. (10,400) + + + = (10,400) + ances 155,740 + 23,800 88,640 + 55,000 20,200 + 214,500 + 146,000 6. (21,160) + + = + + ances 134,580 + 23,800 88,640 + 55,000 = 20,200 + 214,500 + 146,000 7. (2,570) + + + + ances 132,010 + 23,800 + 88,640 + 55,000 = 20,200 + 214,500 + 146,000 57,520 21,160 78,680 2,570 81,250 8. 25,800 + + + + 25,800 ances 157,810 + 23,800 88,640 + 55,000 = 20,200 214,500 + 9. (5,320) + = + + ances 152,490 + 23,800 88,640 + 55,000 10. + 27,600 + + = + ances $ 152 490 51 400 88 640 + 55.000 20 200 81,250 5,320 20,200 + 214,500 + 171,800 86,570 + 27,600 214 500 + 199 400 86.570 171,800