+ 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. g. 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. i. 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. 1. 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. q. Paid $540 to a duplicating company for photocopy work performed during the month. r. Paid $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 transacti place during the month ended June 30, 20X1. Determine the account balances before you start work on the financial statem Prev 4 of 4 Next