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:

Transferred cash from a personal bank account to an account to be used for the business, $$50,700.$

Paid October rent for office and workroom, $$5,100.$

Purchased used automobile for $$33,000,$ paying $$7,600$ cash and giving a note payable for the remainder.

Purchased office and computer equipment on account, $$10,100.$

Paid cash for supplies, $$2,430.$

Paid cash for annual insurance policies $$3,400.$

Received cash from client for plans delivered, $$12,700.$

Paid cash for miscellaneous expenses, $$1,370.$

Paid cash to creditors on account, $$2,940.$

Paid $$410$ on note payable.

Received invoice for blueprint service, due in November, $$1,700.$

Recorded fees earned on plans delivered, payment to be received in November, $$8,800.$

Paid salary of assistants, $$2,700.$

Paid gas, oil, and repairs on automobile for October, $$660.$

Required:

$1.$ 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.

$2.$ Determine accounts balances of the T accounts. Accounts containing a single entry only $($such as Prepaid Insurance$)$ do not need a balance.

$3.$ 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.

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