The accountant for the firm owned by Vin Nguyen prepares financial statements at the end of each month.

Transactions:

1. Nguyen invested $148,000 in cash to start the business.
2. Paid $4,800 for the current months rent.
3. Bought furniture for $15,520 in cash.
4. Performed services for $8,400 in cash.
5. Paid $1,130 for the monthly telephone bill.
6. Performed services for $14,200 on credit.
7. Purchased equipment, a computer and copier, for$35,600; paid $11,800 in cash immediately with the balance due in 30 days.
8. Received $7,100 from credit clients.
9. Paid $2,800 in cash for office cleaning services for the month (debit miscellaneous expense).
10. Purchased furniture, office chairs, for $4,600; received credit terms of 30 days.
11. Purchased equipment for $28,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
12. Issued a check for $8,200 to pay salaries.
13. Performed services for $14,700 in cash.
14. Performed services for $16,200 on credit.
15. Collected $6,800 on accounts receivable from charge customers.
16. Issued a check for $2,300 in partial payment of the amount owed for office chairs.
17. Paid $580 to a duplicating company for photocopy work performed during the month (debit miscellaneous expense).
18. Paid $1,100 for the monthly electric bill.
19. Nguyen withdrew $7,800 in cash for personal expenses.

Required:

Prepare a trial balance, an income statement, a statement of owners 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 owners equity for the month of June?

Prepare a statement of owner's equity for the month ended June 30,201