Ken Jones, an architect, opened an office on April 1, 20Y4. During the month, he completed the following transactions connected with his professional practice:

a. Transferred cash from a personal bank account to an account to be used for the business, $18,000.

b. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder.

c. Paid April rent for office and workroom, $3,150.

d. Paid cash for supplies, $1,450.

e. Purchased office and computer equipment on account, $6,500.

f. Paid cash for annual insurance policies on automobile and equipment, $2,400.

g. Received cash from a client for plans delivered, $12,000.

h. Paid cash to creditors on account, $1,800.

i. Paid cash for miscellaneous expenses, $375.

j. Received invoice for blueprint service, due in May, $2,500.

k. Recorded fees earned on plans delivered, payment to be received in May, $15,650.

l. Paid salary of assistant, $2,800.

m. Paid cash for miscellaneous expenses, $200.

n. Paid $300 on note payable.

o. Paid gas, oil, and repairs on automobile for April, $550.

Instructions
1. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction.

2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.

3. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 20Y4.

4. Determine the net income or net loss for April.