Sara$-$Jayne Parsons invested $$75,000$ in cash to start the business.

Paid $$4,200$ for advertisements in a design magazine.

Purchased furniture for $$6,400$ in cash.

Performed services for $$10,200$ in cash.

Paid $$375$ for the monthly telephone bill.

Performed services for $$6,880$ on credit.

Purchased equipment, a fax machine, for $$550$; paid $$150$ in cash, with the balance due in $30$ days.

Paid a bill for $$1,300$ from the office cleaning service $($debit miscellaneous expense$).$

Received $$3,375$ from clients on account.

Purchased furniture $($office chairs$)$ for $$1,575$; received credit terms of $30$ days.

Paid $$9,200$ for salaries.

Issued a check for $$575$ in partial payment of the amount owed for furniture $($office chairs$).$

Received $$6,400$ in cash for services performed.

Issued a check for $$825$ for utilities expense.

Performed services for $$3,800$ on credit.

Collected $$3,800$ from clients on account.

Sara$-$Jayne Parsons withdrew $$5,500$ in cash for personal expenses.

Paid $$1,175$ to Quick Copy for photocopy work performed during the month $($debit miscellaneous expense$).$

$($Hint: Include office cleaning services and photocopy expenses under "Miscellaneous Expense".$)$

Required:

$(1)$ Post the above transactions into the appropriate T accounts.

$(2)$ Determine the account balances. Prepare a trial balance, an income statement, a statement of owner$$s equity, and a balance sheet for Sara$-$Jayne Parsons, Architect.

Analyze:

Using the basic accounting equation, what is the financial condition of Sara$-$Jayne Parsons's business at the end of the month?