The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton invested $147,000 in cash to start the business. b. Paid $4,700 for the current month's rent. c. Bought office furniture for $15,420 in cash. d. Performed services for $8,500 in cash. e. Paid $1,120 for the monthly telephone bill. f. Performed services for $14,300 on credit. g. Purchased a computer and copier for $35,400; paid $11,700 in cash immediately with the balance due in 30 days. h. Received $7,150 from credit clients. i. Paid $2,700 in cash for office cleaning services for the month. j. Purchased additional office chairs for $4,500; received credit terms of 30 days. k. Purchased office equipment for $27,000 and paid half of this amount in cash immediately; the balance is due in 30 days. I. Issued a check for $8,100 to pay salaries. m. Performed services for $14,800 in cash. n. Performed services for $16,300 on credit. o. Collected $6,700 on accounts receivable from charge customers. p. Issued a check for $2,250 in partial payment of the amount owed for office chairs. q. Paid $570 to a duplicating company for photocopy work performed during the month. r. Paid $1,090 for the monthly electric bill. s. Sutton withdrew $7,700 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?

The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton invested $147,000 in cash to start the business. b. Paid $4,700 for the current month's rent. c. Bought office furniture for $15,420 in cash. d. Performed services for $8,500 in cash. e. Paid $1,120 for the monthly telephone bill. f. Performed services for $14,300 on credit. 9. Purchased a computer and copier for $35,400; paid $11,700 in cash immediately with the balance due in 30 days. h. Recelved $7,150 from credit clients. i. Paid $2,700 in cash for office cleaning services for the month. j. Purchased additional office chairs for $4,500; recelved credit terms of 30 days. k. Purchased office equipment for $27,000 and paid half of this amount in cash immediately; the balance is due in 30 days. 1. Issued a check for $8,100 to pay salaries. m. Performed services for $14,800 in cash. n. Performed services for $16,300 on credit. o. Collected $6,700 on accounts recelvable from charge customers. p. Issued a check for $2,250 in partial payment of the amount owed for office chairs. q. Paid $570 to a duplicating company for photocopy work performed during the month. r. Paid $1,090 for the monthly electric bili. s. Sutton withdrew $7,700 in cash for personal expenses. Required: Prepare o trial balance, an income statement, a statement of owner's equity, and a batance sheet. Assume that the transactions took place during the month ended June 30,201. 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? etermine the account balances and prepare a trial balance for the month ended June 30,201