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

Transactions:

1. Sutton invested $159,000 in cash to start the business.
2. Paid $5,900 for the current months rent.
3. Bought office furniture for $16,620 in cash.
4. Performed services for $8,100 in cash.
5. Paid $1,240 for the monthly telephone bill.
6. Performed services for $13,900 on credit.
7. Purchased a computer and copier for $37,800; paid $12,900 in cash immediately with the balance due in 30 days.
8. Received $6,950 from credit clients.
9. Paid $3,900 in cash for office cleaning services for the month.
10. Purchased additional office chairs for $5,700; received credit terms of 30 days.
11. Purchased office equipment for $39,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
12. Issued a check for $9,300 to pay salaries.
13. Performed services for $14,400 in cash.
14. Performed services for $15,900 on credit.
15. Collected $7,900 on accounts receivable from charge customers.
16. Issued a check for $2,850 in partial payment of the amount owed for office chairs.
17. Paid $690 to a duplicating company for photocopy work performed during the month.
18. Paid $1,210 for the monthly electric bill.
19. Sutton withdrew $8,900 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?