Retu Transactions: a. Sutton invested $144,000 in cash to start the business b. Paid $4,400 for the current month's rent c. Bought office furniture for $15.120 in cash d. Performed services for $8.800 in cash e. Paid $1,090 for the monthly telephone bill 1. Performed services for $14,600 on credit. 9. Purchased a computer and copier for $34,800 poid 51.400 in cash immediately with the balance due in 30 days. h. Received $7,300 from credit clients L. Paid $2.400 in cash for office cleaning services for the month J.Purchased additional office chairs for $4.200; received credit terms of 30 days K. Purchased office equipment for $24,000 and paid half of this amount in cash immediately, the balance is due in 30 days. Issued a check for $7,800 to pay salaries m. Performed services for $15,100 in cash n. Performed services for $16,600 on credit o Collected $6,400 on accounts receivable from charge customers. p. Issued a check for $2.100 in partial payment of the amount owed for office chairs. 4. Paid $540 to a duplicating company for photocopy work performed during the month, . Paid $1,060 for the monthly electric bill Sutton withdrew 57400 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? Determine the account balances and prepare a trial balance for the month ended June 3 VINCENT SUTTON, LANDSCAPE CONSULTANT Trial Balance June 30, 20X1 Account Name Debit Credit $ 116,290 17,500 24,000 X Cash Accounts receivable Office equipment Miscellaneous expense Accounts payable Fees income Salaries expense 540 37,500 55,100 7,800 Total IS 166,130 $ 92,600 Trial Balance ICUIII JLTILU Statement ALARA Owners Eqty Balance Sheet Analyze Prepare an income statement for the month ended June 30, 20X1. VINCENT SUTTON, LANDSCAPE CONSULTANT Income Statement Month Ended June 30, 20X1 Revenue Expenses Total expenses 0 $ o