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Entries into accounts and Thal Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2014. During the month, Knaus Architects completed the following
Entries into accounts and Thal Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2014. During the month, Knaus Architects completed the following transactions: a. Issued common stock to Marjorie Knaus in exchange for $30,000. b. Pald January rent for office and workroom, $2,500. c. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $8,000. e. Pald cash for supplies, $2,100. f. Pald cash for annual Insurance polides, $3,600. 9. Received cash from client for plans delivered, $9,000. h. Pald cash for miscellaneous expenses, $2,600. 1. Pald cash to creditors on account, $4,000. 1. Pald installment due on note payable, $1,875. k. Received Invoice for blueprint service, due in February, $5,500. 1. Recorded fees eamed on plans delivered, payment to be received in February, $31,400. m. Pald salary of assistants, $6,000. n. Pald gas, oil, and repairs on automobile for January, $1,300. Required: 1. Record the above transactions in chronological order) directly in the following T accounts, without journalizing: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense. To the left of each amount entered in the accounts, select the appropriate letter to identify the transaction 2. Determine account balances of the Taccounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Cash 1. Record the above transactions in chronological order) directly in the following accounts, without journalizing: Cash, Accounts Receivable, Supplies, Prepald Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Salary Expense, Blueprint Expense, Rent Expense, Automobile Expense, Miscellaneous Expense. To the left of each 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. Cash Bal. Accounts Recelvable Accounts Recelvable Supplies Prepald Insurance Automobiles Equipment Notes Payable Bal. Accounts Payable B Bal. Common Stock Professional Fees Bal. Salary Expense Blueprint Expense Blueprint Expense Rent Expense Automobile Expense Miscellaneous Expense
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