Retur The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. 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 f. Performed services for $14,600 on credit 9. Purchased a computer and copier for $34,800; paid $11.400 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 I. 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. . Pald $1,060 for the monthly electric bill. S. Sutton withdrew $7,400 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. inal Balance Balance Sheet Analyze Statement Owners Eqty Determine the account balances and prepare a trial balance for the month e VINCENT SUTTON, LANDSCAPE CONSULTANT Trial Balance June 30, 20X1 Account Name Debit Credit $ 116,290 17.500 58,800 540 x Cash Accounts receivable Office equipment Miscellaneous expense Accounts payable Fees income Salaries expense Vincent Sutton, Capital Office furniture 37,500 55,100 7,800 144,000 15,120 X Utilities expense 1,060 4,400 1,090 Rent expense Telephone expense Vincent Sutton, Drawing Advertising expense Total X 7,400 2,400 x 232,400 $ $ 236,600 Iriai Balance Balance Sheet Analyze Owners Eqty Statement Prepare an income statement for the month ended June 30, 20X1. VINCENT SUTTON, LANDSCAPE CONSULTANT Income Statement Month Ended June 30, 20X1 Revenue $ 55,100 $ 4,400 Expenses Rent expense Telephone expense Utilities expense Salaries expense Supplies expense 1,090 1,060 7,800 X 540 X Total expenses 14,890 40,210 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Trial Balance Income Stmt of Statement Owners Eqty Balance Sheet Analyze Prepare a balance sheet for the month ended June 30, 20X1. VINCENT SUTTON, LANDSCAPE CONSULTANT Balance Sheet June 30, 20X1 Assets Liabilities Cash $ 116,290 Accounts payable $ accounts receivable 17,500 Office furniture 15,120 X Owner's Equity office cleaning expense 4,200 Vincent Sutton, Capital ws office equipment 58,800 otal Assets $ 211,910 Total Liabilities and Owner's Equity 37,500 X 174,410 $ 211,910
