The accountant for the firm owned by Randy Guttery prepares financial statements

Question

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. Transactions: a. Guttery invested $148,000 in cash to start the business b. Paid $4,800 for the current month's rent. c. Bought office furniture for $15,520 in cash. services for $8,400 in cash. e. Paid $1,130 for the monthly telephone bill f. Performed services for $14.200 on credit. a computer and copier for $35,600; paid $11,800 in cash immediately with the balance due in 30 days $7.100 from credit clients. 2 i Paid $2.800 in cash for office cleaning services for the month. additional office chairs for $4,600; received credit terms of 30 days. office equipment for $28,000 and paid half of this amount in cash immediately; the balance is due in 30 days. a check for $8,200 to pay salaries. for $14,700 in cash. services for $16,200 on credit. $6,800 on accounts receivable from charge customers p. Issued a check for $2,300 in partial payment of the amount owed for office chairs. q. Paid $580 to a duplicating company for photocopy work performed during the month. r. Paid $1,100 for the monthly electric bill. s. Guttery withdrew $7,800 in cash for personal expenses. e 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, 2019. Determine the account balances before you start work on the financial statements Analyze: What is the change in s equity for the month of June? Complete this qu by entering your answers in the tabs below. Stmt of tOwners Eqty Balance Sheet Ana

Explanation / Answer

Month Ended 30 June, 2019 Trail Balance Dr Cr Capital 140200 Furniture 15520 Computer and Copier 35600 Office Chairs 4600 Office Equipment 28000 Cash 114970 Account Receivable 16500 Accounts Payable 40100 Service Income Cash1 14700 Service Income Cash 8400 Service Income Credit 14200 Service Income Credit 1 16200 Monthly Rent 4800 Telephone Bill 1130 Office Cleaning 2800 Salaries 8200 Printing Charges 580 Electricity 1100 Total 233800 233800 Cash Account Investments 148000 Rent Paid 4800 Service1 8400 Office Furniture 15520 Account Receivables 7100 Telephone Bill 1130 Service2 14700 Computer 11800 Account Receivables 6800 Office Cleaning 2800 Office Equipment 14000 Salaries 8200 Check Chairs 2300 Printing 580 Electricity 1100 Withdrew 7800 185000 70030 Cash Balance 114970 Account Receivable Service1 14200 Cash 7100 Service2 16200 Cash 6800 30400 13900 Account Receivable 16500 Account Payable Cash 2300 Computer 23800 Office Chairs 4600 Office Equipment 14000 2300 42400 Accounts Payable 40100

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