Entries into T accounts and Trial Balance

Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice:

1. Transferred cash from a personal bank account to an account to be used for the business, $36,000.
2. Paid October rent for office and workroom, $2,400.
3. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.
4. Purchased office and computer equipment on account, $9,000.
5. Paid cash for supplies, $2,150.
6. Paid cash for annual insurance policies, $4,000.
7. Received cash from client for plans delivered, $12,200.
8. Paid cash for miscellaneous expenses, $815.
9. Paid cash to creditors on account, $4,500.
10. Paid $5,000 on note payable.
11. Received invoice for blueprint service, due in November, $2,890.
12. Recorded fees earned on plans delivered, payment to be received in November, $18,300.
13. Paid salary of assistants, $6,450.
14. Paid gas, oil, and repairs on automobile for October, $1,020.

Required:

Question Content Area

1. Record the above transactions (in chronological order) directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; 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
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_2	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_4
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_6	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_8
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_10
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_12
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_14
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_16
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_18
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_20
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_22
Bal.	fill in the blank 8c7af206205bf9a_23

Accounts Receivable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_25

Supplies
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_27

Prepaid Insurance
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_29

Automobiles
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_31

Equipment
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_33

Accounts Payable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_35	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_37
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_39
		Bal.	fill in the blank 8c7af206205bf9a_40

Notes Payable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_42	a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_44
		Bal.	fill in the blank 8c7af206205bf9a_45

Connie Young, Capital
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_47

Professional Fees
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_49
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_51
		Bal.	fill in the blank 8c7af206205bf9a_52

Salary Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_54

Blueprint Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_56

Rent Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_58

Automobile Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_60

Miscellaneous Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.	fill in the blank 8c7af206205bf9a_62

Question Content Area

3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 20Y4. If an amount box does not require an entry, leave it blank.

	Debit Balances	Credit Balances
Accounts PayableCashConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableAccounts ReceivableConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSupplies	- Select -	- Select -
Accounts PayableConnie Young, CapitalNotes PayablePrepaid InsuranceProfessional Fees	- Select -	- Select -
Accounts PayableAutomobilesConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableEquipmentConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableAccounts ReceivableCashEquipmentRent Expense	- Select -	- Select -
Accounts ReceivableBlueprint ExpenseCashNotes PayableSalary Expense	- Select -	- Select -
Accounts ReceivableBlueprint ExpenseConnie Young, CapitalPrepaid InsuranceSalary Expense	- Select -	- Select -
Accounts PayableAutomobilesAutomobile ExpenseCashProfessional Fees	- Select -	- Select -
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSalary Expense	- Select -	- Select -
Accounts PayableBlueprint ExpenseConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesRent Expense	- Select -	- Select -
Accounts PayableAutomobile ExpenseConnie Young, CapitalNotes PayableProfessional Fees	- Select -	- Select -
Accounts PayableConnie Young, CapitalMiscellaneous ExpenseNotes PayableProfessional Fees	- Select -	- Select -
	fill in the blank 03552f01af93ffa_46	fill in the blank 03552f01af93ffa_47

Question Content Area

4. Determine the net income or net loss for October.

Net incomeNet loss

$fill in the blank 3812f0f71fab069_2