Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Connie Young, an arditect, opened an office on 1 Odober 2022. During the month, she completed the following transadions conneded with hes professional pradice:

image text in transcribed

1. Connie Young, an arditect, opened an office on 1 Odober 2022. During the month, she completed the following transadions conneded with hes professional pradice: (a) Transferred cash from a personal bank account to an account to be used for the business, RM36,000. (b) Paid Odober rent for office and workroom, RM2,400. (c) Purchased used automobile for RM32,800, paying RM7,800 cash and giving a note payable for the remainder. (d) Purchased office and computer equipment on account, RM9,000. (e) Paid cash for supplies, RM2,150. (f) Received cash from dient for plans delivered, RM12,200. (9) Paid cash for miscellaneous expenses, RM815. (h) Paid cash to creditors on account, RM4,500. (i) Paid RM5,000 on note payable. (j) Recorded fees earned on plans delivered, payment to be received in November, RM18,300. (k) Paid salary of assistants, RM6,450. (I) Paid gas, oil, and repairs on automobile for Odober, RM1,020. Instructions: 1. Journalize entries for transactions (a) through (I), using the following account titles: (i) Cash (viii) Connie Young, Capital (ii) Accounts Receivable (ix) Professional Fees (iii) Supplies (x) Salary Expense (iv) Automobiles (xi) Rent Expense (v) Equipment (xii) Automobile Expense (vi) Accounts Payable (xiii) Miscellaneous Expense (vii) Notes Payable 2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts. Determine the account balances after all posting is complete. Accounts (revenue, expenses and drawings accounts) containing only a single entry do not need a balance. 3. Prepare an unadjusted trial balance as of 31 October 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Arens, Elder, Beasley

9th Edition

0130646202, 9780130646200

More Books

Students also viewed these Accounting questions