I am working on this problem and I need help with it. ework Assignment Problem 3

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I am working on this problem and I need help with it.

ework Assignment Problem 3.4A Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant Transactions: a. Guttery Invested $80,000 in cash to start the business. b. Paid $3,000 for the current month's rent c. Bought office furniture for $8,360 in cash. d. Performed services for $4,100 in cash. e. Paid $625 for the monthly telephone bill. f. Performed services for $7,000 on credit g. Purchased a computer and copier for $19,000; paid $6,500 in cash immediately with the balance due in 30 days. h. Received $3,500 from credit clients. i. Paid $2,000 in cash for office cleaning services for the month. J. Purchased additional office chairs for $2,900; received credit terms of 30 days k. Purchased office equipment for $20,000 and paid half of this amount in cash immediately the balance is due in 30 days. L Issued a check for $4,700 to pay salaries. m. Performed services for $7.250 in cash. n. Performed services for $8,000 on credit. o. Collected $4,000 on accounts receivable from charge customers. p. Issued a check for $1.450 in partial payment of the amount owed for office chairs. q. Paid $350 to a duplicating company for photocopy work performed during the month. r. Paid $610 for the monthly electric bill. s Guttery withdrew $4,500 in cash for personal expenses Post the above transactions into the appropriate T accounts Analyze: What liabilities does the business have after all transactions have been recorded? T accounts normally do not have any minus signs Use minus signs in this problem to demonstrate your understanding of decreases to account balances

Explanation / Answer

Cash

Cash

Accounts Receivable a 80000 3000 b f 7000 3500 h d 4100 8360 c n 8000 4000 o h 3500 625 e m 7250 6500 g Bal. 7500 o 4000 2000 i 10000 k 1450 p 350 q 610 r 4500 s Bal. 61455 Office Equipment Office Furniture g 19000 c 8360 k 20000 j 2900 Bal. 39000 Bal. 11260 Accounts Payable Randy Guttery, Capital p 1450 12500 g 80000 a 2900 j 10000 k Bal. 80000 Bal. 23950 Randy Guttery, Drawing Fees Income s 4500 4100 d 7000 f Bal. 4500 7250 m 8000 n Bal. 26350 Rent Expense Utilities Expense b 3000 r 610 Bal. 3000 Bal. 610 Salaries Expense Telephone Expense l 4700 e 625 Bal. 4700 Bal. 625 Miscellaneous Expense 2000 i 350 q Bal. 2350 Analyze, liability balance is $23,950 Note: I have tried my best for correct solution and work , still you need any further help, please ask in comment and don’t forget to rate positively.

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