Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries into T 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 practice: a. Transferred cash from a personal bank account to an account to be used for the business, $34,500. b. Paid October rent for office and workroom, $3,500. c. Purchased used automobile for $22,000, paying $5,200 cash and giving a note payable for the remainder d. Purchased office and computer equipment on account, $6,900. e. Paid cash for supplies, $1,660. f. Paid cash for annual insurance policies, $2,300. 9. Received cash from client for plans delivered, $8,600. h. Pald cash for miscellaneous expenses, $930. I. Paid cash to creditors on account, $2,000. j. Paid $280 on note payable. k. Received invoice for blueprint service, due in November, $1,100. 1. Recorded fees earned on plans delivered, payment to be received in November, $6,000. m. Pald salary of assistants, $1,800 n. Paid gas, oil, and repairs on automobile for October, $450. 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 a. 34,500 9. 8,600 X X X X Bal Accounts Recevable Supplies X Prepaid Insurance 2,300 Automobiles Equipment 6,900 Accounts Payable Bal. Notes Payable X C. 16,800 Bal. Connie Young, Capital Professional Fees X 3 Bal. Salary Expense m. 1,800 Blueprint Expense k. 1,100 Rent Expense b. Automobile Expense n. 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 DO 10. 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

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

9th Edition

978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062

More Books

Students also viewed these Accounting questions