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Accounts Receivable Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed
Accounts Receivable Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, $45,200. b. Paid October rent for office and workroom, $4,500. c. Purchased used automobile for $29,000, paying $6,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,170. f. Paid cash for annual insurance policies, $3,000. 9. Received cash from client for plans delivered, $11,300. h. Paid cash for miscellaneous expenses, $1,220. i. Paid cash to creditors on account, $2,620. f. Paid $360 on note payable. k. Received involce for blueprint service, due in November, $1,500. 1. Recorded fees earned on plans delivered, payment to be received in November, $7,800. m. Paid salary of assistants, $2,400. n. Paid gas, oil, and repairs on automobile for October, $590. Required: 1. Record the above transactions (in chronological order) directly into the T accounts. To the left of the amount entered in the accounts, select 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. Notes Payable Connie Young, Capital Professional Fees Salary Expense Blueprint Expense Prepaid Insurance Automobiles Equipment Accounts Payable \begin{tabular}{ll|lll} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Accounts Receivable Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, $45,200. b. Paid October rent for office and workroom, $4,500. c. Purchased used automobile for $29,000, paying $6,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,170. f. Paid cash for annual insurance policies, $3,000. 9. Received cash from client for plans delivered, $11,300. h. Paid cash for miscellaneous expenses, $1,220. i. Paid cash to creditors on account, $2,620. f. Paid $360 on note payable. k. Received involce for blueprint service, due in November, $1,500. 1. Recorded fees earned on plans delivered, payment to be received in November, $7,800. m. Paid salary of assistants, $2,400. n. Paid gas, oil, and repairs on automobile for October, $590. Required: 1. Record the above transactions (in chronological order) directly into the T accounts. To the left of the amount entered in the accounts, select 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. Notes Payable Connie Young, Capital Professional Fees Salary Expense Blueprint Expense Prepaid Insurance Automobiles Equipment Accounts Payable \begin{tabular}{ll|lll} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}
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