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Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1 , 2 0 Y 4 . During the
Entries into T Accounts and Trial Balance
Connie Young, an architect, opened an office on October Y 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, $
Paid October rent for office and workroom, $
Purchased used automobile for $ paying $ cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $
Paid cash for supplies, $
Paid cash for annual insurance policies, $
Received cash from client for plans delivered, $
Paid cash for miscellaneous expenses, $
Paid cash to creditors on account, $
Paid $ on note payable.
Received invoice for blueprint service, due in November, $
Recorded fees earned on plans delivered, payment to be received in November, $
Paid salary of assistants, $
Paid gas, oil, and repairs on automobile for October, $
Required:
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.
Determine account balances of the T accounts. Accounts containing a single entry only such as Prepaid Insurance do not need a balance.
Question Content Area
Cash
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fill in the blank adffffec
fill in the blank adffffec
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Bal. fill in the blank adffffec
Accounts Receivable
fill in the blank adffffec
Supplies
fill in the blank adffffec
Prepaid Insurance
fill in the blank adffffec
Automobiles
fill in the blank adffffec
Equipment
fill in the blank adffffec
Accounts Payable
fill in the blank adffffec
fill in the blank adffffec
fill in the blank adffffec
Bal. fill in the blank adffffec
Notes Payable
fill in the blank adffffec
fill in the blank adffffec
Bal. fill in the blank adffffec
Connie Young, Capital
fill in the blank adffffec
Professional Fees
fill in the blank adffffec
fill in the blank adffffec
Bal. fill in the blank adffffec
Salary Expense
fill in the blank adffffec
Blueprint Expense
fill in the blank adffffec
Rent Expense
fill in the blank adffffec
Automobile Expense
fill in the blank adffffec
Miscellaneous Expense
fill in the blank adffffec
Question Content Area
Prepare an unadjusted trial balance for Connie Young, Architect, as of October Y For those boxes in which no entry is required, leave the box blank.
Connie Young, Architect
Unadjusted Trial Balance
October Y
Debit
Balances Credit
Balances
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Select
fill in the blank fecffffe
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Question Content Area
Determine the net income or net loss for October. And explain how to find the net income
$fill in the blank fcff
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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappett
23rd edition
1259536351, 978-1259536359
