Problem 3.5A (Static) Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. fransactions: a. Sutton invested $90,000 in cash to start the business. b. Paid $6,000 for the current month's rent. C. Bought office furniture for $10,580 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 a computer and copier for $18,000; paid $7,200 in cash immediately with the balance due in 30 days. h. Received $7,000 from credit clients. i. Paid $2,800 in cash for office cleaning services for the month. J. Purchased additional office chairs for $5,800; received credit terms of 30 days. k. Purchased office equipment for $22,000 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. n. 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 $725 to a duplicating company for photocopy work performed during the month. r. Paid $1,280 for the monthly electric bill. s. Sutton withdrew $5,500 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, 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? Complete this question by entering your answers in the tabs below. Income Stmt of Trial Balance Statement Analyze Prepare an income statement for the month ended June 30, 20X1. Owners Eqty Balance Sheet VINCENT SUTTON, LANDSCAPE CONSULTANT Income Statement