(Solved): Problem 3.4A Using \( T \) accounts to record all business transactions. Objectives 3-1, 3-2,3-4 T ...

Problem 3.4A Using \( T \) accounts to record all business transactions. Objectives 3-1, 3-2,3-4 The following accounts and transactions are for Vincent Sutton, Landscape Consultant. INSTRUCTIONS Analyze the transactions. Record each in the appropriate \( \mathrm{T} \) accounts. Identify each entry in the \( T \) accounts by writing the letter of the transaction next to the entry. ASSETS Cash Accounts Receivable Office Furniture Office Equipment Analyzing Business Transactions Using T Accounts LIABILITIES Accounts Payable OWNER'S EOUITY Vincent Sutton, Capital Vincent Sutton, Drawing REVENUE Fees Income EXPENSES Rent Expense Utilities Expense Salaries Expense Telephone Expense Miscellaneous Expense TRANSACTIONS a. Sutton invested \( \$ 90,000 \) in cash to start the business. b. Paid \( \$ 6,000 \) for the current month's rent. c. Bought office furniture for \( \$ 10,580 \) in cash. d. Performed services for \( \$ 8,200 \) in cash. e. Paid \( \$ 1,250 \) for the monthly telephone bill. f. Performed services for \( \$ 14,000 \) on credit. g. Purchased a computer and copier for \( \$ 18,000 \); paid \( \$ 7,200 \) in cash immediately with the balance due in 30 days. h. Received \( \$ 7,000 \) from credit clients. i. Paid \( \$ 2,800 \) in cash for office cleaning services for the month. j. Purchased office chairs for \( \$ 5,800 \); received credit terms of 30 days. k. Purchased office equipment for \( \$ 22,000 \) and paid half of this amount in cash immediately; the balance is due in 30 days. 1. Issued a check for \( \$ 9,400 \) to pay salaries. \( \mathbf{m} \). Performed services for \( \$ 14,500 \) in cash. n. Performed services for \( \$ 16,000 \) on credit. 0. Collected 8,000 on accounts receivable from charge customers. p. Issued a check for \( \$ 2,900 \) in partial payment of the amount owed for office chairs. q. Paid \( \$ 725 \) to a duplicating company for photocopy work performed during the month. r. Paid \( \$ 1,280 \) for the monthly electric bill. s. Sutton withdrew \( \$ 5,500 \) in cash for personal expenses. Analyze: What liabilities does the business have after all transactions have been recorded?