tions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant.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.
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, 2019. 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?
