A. Guttery 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 $7150 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. Guttery 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 to
place during the month ended June 30, 2019. Determine the account balances before you start work on the financial statements.
Analyze
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