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
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, $36,000. b. Paid October rent for office and workroom, $2,400. c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000 e. Paid cash for supplies, $2,150 f. Paid cash for annual insurance policies, $4,000 g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815 i. Paid cash to creditors on account, $4,500 J. Paid $5,000 on note payable. k. Received invoice for blueprint service, due in November, $2,890. L Recorded fees earned on plans delivered, payment to be received in November, 18,300, m. Paid salary of assistants, $6,450 n. Paid gas, oil, and repairs on automobile for October, $1,020 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; Accounts Payable; Notes Payable: Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; s 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

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

Students also viewed these Accounting questions