Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries into T accounts and Thal Balance Ken Jones, an architect, organized Jones Architects on Apnil 1, 20Y2. During the month, Jones Arthitects cornpleted the

image text in transcribed
Entries into T accounts and Thal Balance Ken Jones, an architect, organized Jones Architects on Apnil 1, 20Y2. During the month, Jones Arthitects cornpleted the following transactions: a. Transferred cash from a personal bank account to an account to be used for the business in exchange for Commion 5 tock, $49,100. b. Purchased used automobile for $32,000, paying $7,400 cast and giving a note payable for the remainder. c. Paid April rent for office and workroom, $4,900. d. Paid cash for supplies, $2,360. e. Purchased office and computer equipment on account, $9,800, f. Paid cash for annual insurance policies on automobile and equipment, 53,300 . 9. Recelved cash from a client for plans delivered, $12,300. h. Paid cash to creditors on account, $2,850. 1. Paid cash for miscellaneous expenses, $375. 1. Recelved invoice for blueprint service, due in May, $1,600, k. Recorded fees camed on plans delivered, payment to be received in May, $8,500. 1. Paid salary of assistant, $2,600. m. Paid cash for miscellaneous expenses, $1,330. . Paid installment due on note payable, $390. o. Paid gas, ol, and repairs on automobile for April, $640. 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, Rent Expense, Salary Expense, Blueprint 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. Acoounts containing a single entry only (such as Prepaid Insurance) do not need a balance

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_2

Step: 3

blur-text-image_step3

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

Authors: William Messier, Steven Glover, Douglas Prawitt

6th International Edition

ISBN: 0071284664, 978-0071284660

More Books

Students also viewed these Accounting questions