< ces The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton invested $146,000 in cash to start the business. b. Paid $4,600 for the current month's rent c. Bought office furniture for $15,320 in cash. d. Performed services for $8,600 in cash. e. Paid $1,110 for the monthly telephone bill f. Performed services for $14,400 on credit. g. Purchased a computer and copier for $35,200; paid $11,600 in cash immediately with the balance due in 30 days. h. Received $7,200 from credit clients. i. Paid $2,600 in cash for office cleaning services for the month. j. Purchased additional office chairs for $4,400, received credit terms of 30 days. k. Purchased office equipment for $26,000 and paid half of this amount in cash immediately; the balance is due in 30 days. I. Issued a check for $8,000 to pay salaries. m. Performed services for $14,900 in cash. n. Performed services for $16,400 on credit. o. Collected $6,600 on accounts receivable from charge customers. p. Issued a check for $2,200 in partial payment of the amount owed for office chairs. q. Paid $560 to a duplicating company for photocopy work performed during the month. r. Paid $1,080 for the monthly electric bill. s. Sutton withdrew $7,600 in cash for personal expenses. Required: Prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet. Assume that the transactions to- place during the month ended June 30, 20X1. Determine the account balances before you start work on the financial statements. Analyze: What is the change in owner's equity for the month of June?