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Preparing financial statements from T accounts.

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

Transactions:

Nguyen invested $$45,000$ in cash to start the business.

Paid $$12,000$ for the current month$$s rent.

Bought furniture for $$21,160$ in cash.

Performed services for $$16,400$ in cash.

Paid $$2,500$ for the monthly telephone bill.

Performed services for $$28,000$ on credit.

Purchased equipment, a computer and copier, for $$36,000$; paid $$14,400$ in cash immediately with the balance due in $30$ days.

Received $$14,000$ from credit clients.

Paid $$5,600$ in cash for office cleaning services for the month $($debit miscellaneous expense$).$

Purchased furniture, office chairs, for $$11,600$; received credit terms of $30$ days.

Purchased equipment for $$44,000$ and paid half of this amount in cash immediately; the balance is due in $30$ days.

Issued a check for $$18,800$ to pay salaries.

Performed services for $$29,000$ in cash.

Performed services for $$32,000$ on credit.

Collected $$16,000$ on accounts receivable from charge customers.

Issued a check for $$5,800$ in partial payment of the amount owed for office chairs.

Paid $$1,450$ to a duplicating company for photocopy work performed during the month $($debit miscellaneous expense$).$

Paid $$2,560$ for the monthly electric bill.

Nguyen withdrew $$11,000$ 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?

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