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The accountant for the fim owned by Randy Guttery prepares financial statements at the end of each month. The ransactions for Randy Guttery Landscape Consultant
The accountant for the fim owned by Randy Guttery prepares financial statements at the end of each month. The ransactions for Randy Guttery Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant. Transactions a. Guttery invested $140,000 in cash to start the business b. Paid $4,000 for the current month's rent. c. Bought office furniture for $14,720 in cash. d. Performed services for $9,200 in cash. e. Paid $1,050 for the monthly telephone bill f. Performed services for $15,000 on credit. ased a computer and copier for $34,000; paid $11,000 in cash immediately with the balance due in 30 days h. Received $7,500 from credit clients. i. Paid $2,000 in cash for office cleaning services for the month j. Purchased additional office chairs for $3,800; received credit terms of 30 days. office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days L Issued a check for $7,400 to pay salaries. m. Performed services for $15,500 in cash n. Performed services for $17,000 on credit. $6,000 on accounts receivable from charge customers. p. Issued a check for $1,900 in partial payment of the amount owed for office chairs q Paid s500 to a duplicating company for photocopy work performed during the month. r. Paid $1,020 for the monthly electric bill. s. Guttery withdrew $7,000 in cash for personal expenses Post the above transactions into the appropriate T accounts Analyze: What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs. Use minus signs in this to demonstrate your undestanding of decreases to account balances
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