QUESTION 3 4A IS FOR REFERENCE THE QUESTION NEEDING ANSWERED IS BELOW (3 5A) 3 4A The following accounts and transactions are for Horace Brock, Landscape Consultant Analyze the transactions Record each in the appropriate T accounts Use plus and minus signs in front of the amounts to show the increases and decreases Identify each entry in the T accounts By writing the letter of the transaction next to the entry Transactions Brock invested $160,000 in cash to start the business Paid $6,000 for the current months rent Bought office furniture for $16,720 Performed services for $8,200 in cash Paid $1,250 for the monthly telephone bill Performed services for $14,000 on credit Purchased a computer and copier for $38,000, paid $13,000 in cash immediately with the balance due in 30 days Received $7,000 from credit clients Paid $4,000 in cash for office cleaning services for the month Purchased additional office chairs for $5,800 received credit terms of 30 days Purchased office equipment for $40,000 and paid half of this amount in cash immediately the balance is due in 30 days Issued a check for $9,400 to pay salaries Performed services for $14,500 in cash Performed services for $16,000 on credit Collected $8,000 on accounts receivable from charge customers Issued a check for $2,900 in partial payment of the amount owed for office chairs Paid $700 to a duplicating company for photocopy work performed during the month Paid $1,220 for the monthly electric bill Brock withdrew $9,000 in cash for personal expenses Analyze What liabilities does the business have after all transactions have been recorded QUESTION 3 4A IS FOR REFERENCE THE QUESTION NEEDING ANSWERED IS BELOW (3 5A) 3 5A The accountant for the firm owned by Horace Brock prepares financial statements at the end of each month Use the figures in the T accounts for Problem 3 4A to prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet (The first line of the statement headings should read Horace Brock, Landscape Consultant ) Assume that the transactions took place during the month ended June 30, 2016 Determine the account balances before you start work on the financial statements Analyze What is the change in owners equity for the month of June

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QUESTION 3.4A IS FOR REFERENCE.......THE QUESTION NEEDING ANSWERED IS BELOW (3.5A) 3.4A. The following accounts and transactions are for Horace Brock, Landscape Consultant. Analyze the

QUESTION 3.4A IS FOR REFERENCE.......THE QUESTION NEEDING ANSWERED IS BELOW (3.5A)

3.4A. The following accounts and transactions are for Horace Brock, Landscape Consultant. Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts. By writing the letter of the transaction next to the entry.

Transactions:

Brock invested $160,000 in cash to start the business
Paid $6,000 for the current months rent.
Bought office furniture for $16,720.
Performed services for $8,200 in cash.
Paid $1,250 for the monthly telephone bill.
Performed services for $14,000 on credit.
Purchased a computer and copier for $38,000, paid $13,000 in cash immediately with the balance due in 30 days.
Received $7,000 from credit clients.
Paid $4,000 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,800; received credit terms of 30 days.
Purchased office equipment for $40,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,400 to pay salaries.
Performed services for $14,500 in cash.
Performed services for $16,000 on credit.
Collected $8,000 on accounts receivable from charge customers.
Issued a check for $2,900 in partial payment of the amount owed for office chairs.
Paid $700 to a duplicating company for photocopy work performed during the month.
Paid $1,220 for the monthly electric bill.
Brock withdrew $9,000 in cash for personal expenses.

Analyze: What liabilities does the business have after all transactions have been recorded?

QUESTION 3.4A IS FOR REFERENCE.......THE QUESTION NEEDING ANSWERED IS BELOW (3.5A)

3.5A. The accountant for the firm owned by Horace Brock prepares financial statements at the end of each month. Use the figures in the T accounts for Problem 3.4A to prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet. (The first line of the statement headings should read Horace Brock, Landscape Consultant.) Assume that the transactions took place during the month ended June 30, 2016. Determine the account balances before you start work on the financial statements.

Analyze: What is the change in owners equity for the month of June?