Reference no: EM133901507

Problem

The following accounts and transactions are for Vin Nguyen, Landscape Consultant.

Transactions:

1) Nguyen invested $147,000 in cash to start the business.
2) Paid $4,700 for the current month's rent.
3) Bought furniture for $15,420 in cash.
4) Performed services for $8,500 in cash.
5) Paid $1,120 for the monthly telephone bill.
6) Performed services for $14,300 on credit.
7) Purchased equipment, a computer and copier, for $35,400; paid $11,700 in cash immediately with the balance due in 30 days.
8) Received $7,150 from credit clients.
9) Paid $2,700 in cash for office cleaning services for the month (debit miscellaneous expense).
10) Purchased furniture, office chairs, for $4,500; received credit terms of 30 days.
11) Purchased equipment for $27,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
12) Issued a check for $8,100 to pay salaries.
13) Performed services for $14,800 in cash.
14) Performed services for $16,300 on credit.
15) Collected $6,700 on accounts receivable from charge customers.
16) Issued a check for $2,250 in partial payment of the amount owed for office chairs.
17) Paid $570 to a duplicating company for photocopy work performed during the month (debit miscellaneous expense).
18) Paid $1,090 for the monthly electric bill. Get the instant assignment help.
19) Nguyen withdrew $7,700 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

Required

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