The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month Transactions: a. Sutton invested $145,000 in cash to start the business. b. Paid $4,500 for the current month's rent. c. Bought office furniture for $15,220 in cash d. Performed services for $8,700 in cash. e. Paid $1,100 for the monthly telephone bill. f. Performed services for $14,500 on credit. g. Purchased a computer and copier for $35,000, paid $11,500 in cash immediately with the balance due in 30 days. h. Received $7,250 from credit clients. i. Paid $2,500 in cash for office cleaning services for the month. j. Purchased additional office chairs for $4,300, received credit terms of 30 days. k. Purchased office equipment for $25,000 and paid half of this amount in cash immediately; the balance is due in 30 days. I. Issued a check for $7,900 to pay salaries m. Performed services for $15,000 in cash. n. Performed services for $16,500 on credit. o. Collected $6,500 on accounts receivable from charge customers. p. Issued a check for $2,150 in partial payment of the amount owed for office chairs, q. Paid $550 to a duplicating company for photocopy work performed during the month r. Paid $1,070 for the monthly electric bill s. Sutton withdrew $7,500 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?