Problem $3\mathrm{.}5$A $($Algo$)$ Preparing financial statements from T accounts. LO $3-3,3-5,3-6$

The accountant for the firm owned by Vin Nguyen prepares financial statements at the end of each month.

Transactions:

a$.$ Nguyen invested $$152,000$ in cash to start the business.

b$.$ Paid $$5,200$ for the current month's rent.

c$.$ Bought furniture for $$15,920$ in cash.

d$.$ Performed services for $$7,400$ in cash.

e$.$ Paid $$1,170-$for the monthly telephone bill.

f$.$ Performed services for $$13,200$ on credit.

g$.$ Purchased equipment, a computer and copier, for $$36,400$; paid $$12,200$ in cash immediately with the balance due in $30$ days.

h$.$ Received $$6,600$ from credit clients.

i$.$ Paid $$3,200$ in cash for office cleaning services for the month $($debit miscellaneous expense$).$

j$.$ Purchased furniture, office chairs, for $$5,000$; received credit terms of $30$ days.

k$.$ Purchased equipment for $$32,000$ and paid half of this amount in cash immediately; the balance is due in $30$ days.

I. Issued a check for $$8,600$ to pay salaries.

m$.$ Performed services for $$13,700$ in cash.

n$.$ Performed services for $$15,200$ on credit.

o$.$ Collected $$7,200$ on accounts receivable from charge customers.

p$.$ Issued a check for $$2,500$ in partial payment of the amount owed for office chairs.

q$.$ Paid $$620$ to a duplicating company for photocopy work performed during the month $($debit miscellaneous expense$).$

r$.$ Paid $$1,140$ for the monthly electric bill.

s$.$ Nguyen withdrew $$8,200$ 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 $30,20$X$1.$ 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?

Complete this question by entering your answers in the tabs below.

Trial Balance

Income

Statement of Statement Owners Equity

Balance Sheet

Analyze

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