The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton invested $152,000 in cash to start the business. b. Paid $5,200 for the current month's rent. c. Bought office furniture for $15,920 in cash. d. Performed services for $7,400 in cash. e. Paid $1,170 for the monthly telephone bill. f. Performed services for $13,200 on credit. g. Purchased a computer and copier for $36,400; paid $12,200 in cash immediately with the balance due in 30 days. h. Received $6,600 from credit clients. i. Paid $3,200 in cash for office cleaning services for the month. j. Purchased additional office chairs for $5,000; received credit terms of 30 days. k. Purchased office equipment for $32,000 and paid half of this amount in cash Immediately, the balance is due in 30 days. I. Issued a check for $8,600 to pay salaries. m. Performed services for $13,700 in cash. n. Performed services for $15,200 on credit. o. Collected $7,200 on accounts receivable from charge customers. p. Issued a check for $2,500 in partial payment of the amount owed for office chairs. q. Paid $620 to a duplicating company for photocopy work performed during the month. r. Paid $1,140 for the monthly electric bill. s. Sutton withdrew $8,200 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 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 owner's equity for the month of June? Trial Balance Income Statement Stmt of Owners Eqty Balance Sheet Analyze Determine the account balances and prepare a trial balance for the month ended June 3 VINCENT SUTTON, LANDSCAPE CONSULTANT Trial Balance June 30, 20X1 Account Name Debit Credit Cash Rent expense Office furniture Fees income 5,200 20,920 Telephone expense 1,170 Accounts receivable Vincent Sutton, Capital Accounts payable Salaries expense 8,600 Miscellaneous expense Utilities expense 1,140 Vincent Sutton, Drawing 8,200 Total $ 45,230 $