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 $143,000 in cash to start the business.

b. Paid $4,300 for the current month's rent.

c. Bought office furniture for $15,020 in cash.

d. Performed services for $8,900 in cash.

e. Paid $1,080 for the monthly telephone bill.

f. Performed services for $14,700 on credit.

g. Purchased a computer and copier for $34,600; paid $11,300 in cash immediately with the balance due in 30 days.

h. Received $7,350 from credit clients.

i. Paid $2,300 in cash for office cleaning services for the month.

j. Purchased additional office chairs for $4,100; received credit terms of 30 days. k. Purchased office equipment for $23,000 and paid half of this amount in cash immediately; the balance is due in 30 days.

I. Issued a check for $7,700 to pay salaries.

m. Performed services for $15,200 in cash.

n. Performed services for $16,700 on credit.

o. Collected $6,300 on accounts receivable from charge customers.

p. Issued a check for $2,050 in partial payment of the amount owed for office chairs.

q. Paid $530 to a duplicating company for photocopy work performed during the month.

r. Paid $1,050 for the monthly electric bill.

s. Guttery withdrew $7,300 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

What liabilities does the business have after all transactions have been recorded?

Liabilities ______.

Answer rating: 100% (QA)

Cash Account receivables Randy Guttery Capital 143000 4300 Rent Expense Fees Income 14700 7350 Cash ... View the full answer