Problem 3.5A (Algo) Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Vin Nguyen prepares financial statements at the end of each month. Transactions: a. Nguyen invested $160,000 in cash to start the business. b. Paid $6,000 for the current month's rent. c. Bought furniture for $16,720 in cash. d. Performed services for $8,200 in cash. e. Paid $1,250 for the monthly telephone bill. f. Performed services for $14,000 on credit. g. Purchased equipment, a computer and copier, for $38,000; paid $13,000 in cash immediately with the balance due in 30 days. h. Received $7,000 from credit clients. i. Paid $4,000 in cash for office cleaning services for the month (debit miscellaneous expense). j. Purchased furniture, office chairs, for $5,800; received credit terms of 30 days. k. Purchased equipment for $40,000 and paid half of this amount in cash immediately; the balance is due in 30 days. I. Issued a check for $9,400 to pay salaries. m. Performed services for $14,500 in cash. n. Performed services for $16,000 on credit. o. Collected $8,000 on accounts receivable from charge customers. p. Issued a check for $2,900 in partial payment of the amount owed for office chairs. q. Paid $700 to a duplicating company for photocopy work performed during the month (debit miscellaneous expense). r. Paid $1,220 for the monthly electric bill. s. Nguyen withdrew $9,000 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 30,201. 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. 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. Determine the account balances and prepare a trial balance for the month ended June 30,20x1