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The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions 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 $144,000 in cash to start the business. b. Pald $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. Pald $1,090 for the monthly telephone bill. f. Performed services for $14,600 on credit. g. Purchased a computer and copler for $34,800; paid $11,400 In cash Immediately with the balance due in 30 days. h. Received $7,300 from credit clients. 1. Pald $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 pald half of this amount in cash Immediately, the balance is due in 30 days. I. Issued a check for $7,800 to pay salarles. 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. q. Pald $540 to a duplicating company for photocopy work performed during the month. r. Pald $1,060 for the monthly electric bill. S. Guttery withdrew $7,400 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? Complete this question by entering your answers in the tabs below. Transactions Analyze Post the above transactions into the appropriate T accounts. Cash Accounts Receivable Bal. Bal. Office Equipment Office Furniture Bal. Bal Accounts Payable Randy Guttery, Capital Bal Bal. Randy Guttery, Drawing Fees Income Bal. Bal Rent Expense Utilities Expense Bal. Bal. Salaries Expense Telephone Expense Bal. Bal. Miscellaneous Expense Bal. Liabilities
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