Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries into accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries into 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 practices a. Transferred cash from a personal bank account to an account to be used for the business, $41,900 b. Paid October rent for office and workroom, $4,200. c. Purchased used automobile for $27,000, paying $6,300 cash and giving a note payable for the remainder d. Purchased office and computer equipment on account, $8,400. e. Pald cash for supplies, $2,010, f. Pald cash for annual insurance policies, $2,800. 9. Received cash from client for plans delivered, $10,500 h. Paid cash for miscellaneous expenses, $1,130. 1. Paid cash to creditors on account, $2.430. 3. Paid $340 on note payable. k. Received involce for blueprint service, due in November, $1,400 I. Recorded fees earned on plans delivered, payment to be received in November, $7,200. m. Pald salary of assistants, $2,200 n. Paid gas, oil, and repairs on automobile for October, 5540. Required: 1. Record the above transactions (in chronological order) directly into the 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 Taccounts, Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance Cash Required: 1. Record the above transactions (in chronological order) directly into the 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 accounts, Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Cash Bal. Accounts Receivable Supplies Prepaid Insurance Automobiles Equipment Accounts Payable Bal. Notes Payable Bal. Connie Young, Capital Professional Fees Bal. Salary Expense Blueprint Expense Rent Expense Automobile Expense Miscellaneous Expense 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. For those boxes in which no entry is required, leave the box blank Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit Credit Balances Balances 4. Determine the net income or net loss for October

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

Managerial Accounting, 1, (6 Months)

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

1337270814, 9781337270816

More Books

Students also viewed these Accounting questions

Question

=+5. How can you show them their personal benefits?

Answered: 1 week ago

Question

=+7. How does it enhance their lifestyle?

Answered: 1 week ago