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Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred
Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $61,400. Paid October rent for office and workroom, $6,100. Purchased used automobile for $40,000, paying $9,200 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,300. Paid cash for supplies, $2,950. Paid cash for annual insurance policies, $4,100. Received cash from client for plans delivered, $15,400. Paid cash for miscellaneous expenses, $1,660. Paid cash to creditors on account, $3,560. Paid $490 on note payable. Received invoice for blueprint service, due in November, $2,000. Recorded fees earned on plans delivered, payment to be received in November, $10,600. Paid salary of assistants, $3,300. Paid gas, oil, and repairs on automobile for October, $800. 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.
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