Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am doing the financial statements from T accounts. 6 Problem 3.5A Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for

image text in transcribed

I am doing the financial statements from T accounts.

6 Problem 3.5A Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions a. Guttery invested $80,000 In cash to start the business b. Pald $3,000 for the current month's rent c Bought office furmiture for $8,360 in cash. d. Performed services for $4,100 in cash. e. Pald $625 for the monthly telephone bill. f. Performed services for $7,000 on credit g. Purchased a computer and copler for $19,000; pald $6,500 in cash immedlately with the balance due In 30 days. h. Received $3,500 from credit clents L. Pald $2,000 in cash for office cleaning services for the month. J. Purchased additional office chalrs for $2,900; recelved credit terms of 30 days k. Purchased office equipment for $20,000 and pald half of this amount In cash Immedlately the balance ls due In 30 days. L Issued a check for $4,700 to pay salarles. for $2.900: recelved cre m. Performed services for $7.250 in cash n. Performed services for $8,000 on credit o. Collected $4,000 on accounts receivable from charge customers. p. Issued a check for $1,450 in partial payment of the amount owed for office chairs q. Pald $350 to a duplicating company for photocopy work performed during the month r. Paid $610 for the monthly electric bill. s Guttery withdrew $4,500 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 took place during the month ended June 30, 2019. 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? Complete this question by entering your answers in the tabs below. Trial Balance Indome Stmt of Statement Owners Eaty Balance Sheet Analyze

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Primary Science Audit And Test

Authors: Jenny Byrne, Andri Christodoulou, John Sharp

4th Edition

1446282732, 978-1446282731

More Books

Students also viewed these Accounting questions

Question

explain what is meant by the terms unitarism and pluralism

Answered: 1 week ago