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 Transferred cash from a personal bank account to an account to be used for the business, $36,000 Paid October rent for office and workroom, $2,400 Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder Purchased office and computer equipment on account, $9,000 Paid cash for supplies, $2,150 Paid cash for annual insurance policies, $4,000 Received cash from client for plans delivered, $12,200 Paid cash for miscellaneous expenses, $815 Paid cash to creditors on account, $4,500 Paid $5,000 on note payable Received invoice for blueprint service, due in November, $2,890 Recorded fees earned on plans delivered, payment to be received in November, $18,300 Paid salary of assistants, $6,450 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 a fill in the blank d255b6063066fef 2 a b c d e f g h i j k l m n b fill in the blank d255b6063066fef 4 a b c d e f g h i j k l m n g fill in the blank d255b6063066fef 6 a b c d e f g h i j k l m n c fill in the blank d255b6063066fef 8 a b c d e f g h i j k l m n e fill in the blank d255b6063066fef 10 a b c d e f g h i j k l m n f fill in the blank d255b6063066fef 12 a b c d e f g h i j k l m n h fill in the blank d255b6063066fef 14 a b c d e f g h i j k l m n i fill in the blank d255b6063066fef 16 a b c d e f g h i j k l m n j fill in the blank d255b6063066fef 18 a b c d e f g h i j k l m n m fill in the blank d255b6063066fef 20 a b c d e f g h i j k l m n n fill in the blank d255b6063066fef 22 Bal fill in the blank d255b6063066fef 23 Accounts Receivable a b c d e f g h i j k l m n l fill in the blank d255b6063066fef 25 Supplies a b c d e f g h i j k l m n e fill in the blank d255b6063066fef 27 Prepaid Insurance a b c d e f g h i j k l m n f fill in the blank d255b6063066fef 29 Automobiles a b c d e f g h i j k l m n c fill in the blank d255b6063066fef 31 Equipment a b c d e f g h i j k l m n d fill in the blank d255b6063066fef 33 Accounts Payable a b c d e f g h i j k l m n i fill in the blank d255b6063066fef 35 a b c d e f g h i j k l m n d fill in the blank d255b6063066fef 37 a b c d e f g h i j k l m n k fill in the blank d255b6063066fef 39 Bal fill in the blank d255b6063066fef 40 Notes Payable a b c d e f g h i j k l m n j fill in the blank d255b6063066fef 42 a b c d e f g h i j k l m n c fill in the blank d255b6063066fef 44 Bal fill in the blank d255b6063066fef 45 Connie Young, Capital a b c d e f g h i j k l m n a fill in the blank d255b6063066fef 47 Professional Fees a b c d e f g h i j k l m n g fill in the blank d255b6063066fef 49 a b c d e f g h i j k l m n l fill in the blank d255b6063066fef 51 Bal fill in the blank d255b6063066fef 52 Salary Expense a b c d e f g h i j k l m n m fill in the blank d255b6063066fef 54 Blueprint Expense a b c d e f g h i j k l m n k fill in the blank d255b6063066fef 56 Rent Expense a b c d e f g h i j k l m n b fill in the blank d255b6063066fef 58 Automobile Expense a b c d e f g h i j k l m n n fill in the blank d255b6063066fef 60 Miscellaneous Expense a b c d e f g h i j k l m n h fill in the blank d255b6063066fef 62 Feedback Area Feedback 1 and 2 First, identify what account is used and then what type of account is used Every account is either an asset, liability, capital, withdrawal, revenue, or expense account Every transaction involves at least two accounts Then determine whether the account increases or decreases Each increase or decrease is recorded as a debit or credit in the T accounts, following the rules of debit and credit Net debits against credits to determine the balance and double check to see if it is a normal balance for that account classification 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 FeesCash Cash Cash Accounts PayableAccounts ReceivableConnie Young, CapitalNotes PayableProfessional FeesAccounts Receivable Accounts Receivable Accounts Receivable Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSuppliesSupplies Supplies Supplies Accounts PayableConnie Young, CapitalNotes PayablePrepaid InsuranceProfessional FeesPrepaid Insurance Prepaid Insurance Prepaid Insurance Accounts PayableAutomobilesConnie Young, CapitalNotes PayableProfessional FeesAutomobiles Automobiles Automobiles Accounts PayableEquipmentConnie Young, CapitalNotes PayableProfessional FeesEquipment Equipment Equipment Accounts PayableAccounts ReceivableCashEquipmentRent ExpenseAccounts Payable Accounts Payable Accounts Payable Accounts ReceivableBlueprint ExpenseCashNotes PayableSalary ExpenseNotes Payable Notes Payable Notes Payable Accounts ReceivableBlueprint ExpenseConnie Young, CapitalPrepaid InsuranceSalary ExpenseConnie Young, Capital Connie Young, Capital Connie Young, Capital Accounts PayableAutomobilesAutomobile ExpenseCashProfessional FeesProfessional Fees Professional Fees Professional Fees Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSalary ExpenseSalary Expense Salary Expense Salary Expense Accounts PayableBlueprint ExpenseConnie Young, CapitalNotes PayableProfessional FeesBlueprint Expense Blueprint Expense Blueprint Expense Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesRent ExpenseRent Expense Rent Expense Rent Expense Accounts PayableAutomobile ExpenseConnie Young, CapitalNotes PayableProfessional FeesAutomobile Expense Automobile Expense Automobile Expense Accounts PayableConnie Young, CapitalMiscellaneous ExpenseNotes PayableProfessional FeesMiscellaneous Expense Miscellaneous Expense Miscellaneous Expense fill in the blank 8c31defaffe7f98 46 fill in the blank 8c31defaffe7f98 47 Feedback Area Feedback 3 The trial balance lists the ending balance of each account in a corresponding Debit or Credit column The trial balance column totals should be equal Question Content Area 4 Determine the net income or net loss for October Net incomeNet lossNet income $fill in the blank ef3a6afeff8bf8e 2 Feedback Area Feedback 4 Recall that Revenue Expenses Net Income (Loss) Feedback Area Feedback Partially correct

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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

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:

Transferred cash from a personal bank account to an account to be used for the business, $36,000.
Paid October rent for office and workroom, $2,400.
Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $9,000.
Paid cash for supplies, $2,150.
Paid cash for annual insurance policies, $4,000.
Received cash from client for plans delivered, $12,200.
Paid cash for miscellaneous expenses, $815.
Paid cash to creditors on account, $4,500.
Paid $5,000 on note payable.
Received invoice for blueprint service, due in November, $2,890.
Recorded fees earned on plans delivered, payment to be received in November, $18,300.
Paid salary of assistants, $6,450.
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.a.	fill in the blank d255b6063066fef_2	a.b.c.d.e.f.g.h.i.j.k.l.m.n.b.	fill in the blank d255b6063066fef_4
a.b.c.d.e.f.g.h.i.j.k.l.m.n.g.	fill in the blank d255b6063066fef_6	a.b.c.d.e.f.g.h.i.j.k.l.m.n.c.	fill in the blank d255b6063066fef_8
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.e.	fill in the blank d255b6063066fef_10
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.f.	fill in the blank d255b6063066fef_12
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.h.	fill in the blank d255b6063066fef_14
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.i.	fill in the blank d255b6063066fef_16
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.j.	fill in the blank d255b6063066fef_18
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.m.	fill in the blank d255b6063066fef_20
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.n.	fill in the blank d255b6063066fef_22
Bal.	fill in the blank d255b6063066fef_23

Accounts Receivable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.l.	fill in the blank d255b6063066fef_25

Supplies
a.b.c.d.e.f.g.h.i.j.k.l.m.n.e.	fill in the blank d255b6063066fef_27

Prepaid Insurance
a.b.c.d.e.f.g.h.i.j.k.l.m.n.f.	fill in the blank d255b6063066fef_29

Automobiles
a.b.c.d.e.f.g.h.i.j.k.l.m.n.c.	fill in the blank d255b6063066fef_31

Equipment
a.b.c.d.e.f.g.h.i.j.k.l.m.n.d.	fill in the blank d255b6063066fef_33

Accounts Payable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.i.	fill in the blank d255b6063066fef_35	a.b.c.d.e.f.g.h.i.j.k.l.m.n.d.	fill in the blank d255b6063066fef_37
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.k.	fill in the blank d255b6063066fef_39
		Bal.	fill in the blank d255b6063066fef_40

Notes Payable
a.b.c.d.e.f.g.h.i.j.k.l.m.n.j.	fill in the blank d255b6063066fef_42	a.b.c.d.e.f.g.h.i.j.k.l.m.n.c.	fill in the blank d255b6063066fef_44
		Bal.	fill in the blank d255b6063066fef_45

Connie Young, Capital
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.a.	fill in the blank d255b6063066fef_47

Professional Fees
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.g.	fill in the blank d255b6063066fef_49
		a.b.c.d.e.f.g.h.i.j.k.l.m.n.l.	fill in the blank d255b6063066fef_51
		Bal.	fill in the blank d255b6063066fef_52

Salary Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.m.	fill in the blank d255b6063066fef_54

Blueprint Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.k.	fill in the blank d255b6063066fef_56

Rent Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.b.	fill in the blank d255b6063066fef_58

Automobile Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.n.	fill in the blank d255b6063066fef_60

Miscellaneous Expense
a.b.c.d.e.f.g.h.i.j.k.l.m.n.h.	fill in the blank d255b6063066fef_62

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1. and 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit. Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification.

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 FeesCash	Cash	Cash
Accounts PayableAccounts ReceivableConnie Young, CapitalNotes PayableProfessional FeesAccounts Receivable	Accounts Receivable	Accounts Receivable
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSuppliesSupplies	Supplies	Supplies
Accounts PayableConnie Young, CapitalNotes PayablePrepaid InsuranceProfessional FeesPrepaid Insurance	Prepaid Insurance	Prepaid Insurance
Accounts PayableAutomobilesConnie Young, CapitalNotes PayableProfessional FeesAutomobiles	Automobiles	Automobiles
Accounts PayableEquipmentConnie Young, CapitalNotes PayableProfessional FeesEquipment	Equipment	Equipment
Accounts PayableAccounts ReceivableCashEquipmentRent ExpenseAccounts Payable	Accounts Payable	Accounts Payable
Accounts ReceivableBlueprint ExpenseCashNotes PayableSalary ExpenseNotes Payable	Notes Payable	Notes Payable
Accounts ReceivableBlueprint ExpenseConnie Young, CapitalPrepaid InsuranceSalary ExpenseConnie Young, Capital	Connie Young, Capital	Connie Young, Capital
Accounts PayableAutomobilesAutomobile ExpenseCashProfessional FeesProfessional Fees	Professional Fees	Professional Fees
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesSalary ExpenseSalary Expense	Salary Expense	Salary Expense
Accounts PayableBlueprint ExpenseConnie Young, CapitalNotes PayableProfessional FeesBlueprint Expense	Blueprint Expense	Blueprint Expense
Accounts PayableConnie Young, CapitalNotes PayableProfessional FeesRent ExpenseRent Expense	Rent Expense	Rent Expense
Accounts PayableAutomobile ExpenseConnie Young, CapitalNotes PayableProfessional FeesAutomobile Expense	Automobile Expense	Automobile Expense
Accounts PayableConnie Young, CapitalMiscellaneous ExpenseNotes PayableProfessional FeesMiscellaneous Expense	Miscellaneous Expense	Miscellaneous Expense
	fill in the blank 8c31defaffe7f98_46	fill in the blank 8c31defaffe7f98_47

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3. The trial balance lists the ending balance of each account in a corresponding Debit or Credit column. The trial balance column totals should be equal.