Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries into T accounts and Trial Balance Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Entries into T accounts and Trial Balance Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: a. Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $46,000. b. Purchased used automobile for $30,000, paying $6,900 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $4,600. d. Paid cash for supplies, $2,210. e. Purchased office and computer equipment on account, $9,200. f. Paid cash for annual insurance policies on automobile and equipment, $3,100. g. Received cash from a client for plans delivered, $11,500. h. Paid cash to creditors on account, $2,670. i. Paid cash for miscellaneous expenses, $375. j. Received invoice for blueprint service, due in May, $1,500. k. Recorded fees earned on plans delivered, payment to be received in May, $8,000. I. Paid salary of assistant, $2,400. m. Paid cash for miscellaneous expenses, $1,250. n. Paid installment due on note payable, $370. 0. Paid gas, oil, and repairs on automobile for April, $600. 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, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Rent Expense, Salary Expense, Blueprint 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 Bal. Accounts Receivable Supplies Prepaid Insurance Automobiles Equipment Notes Payable Bal. Accounts Payable Bal. Common Stock Professional Fees Bal. Rent Expense Salary Expense Blueprint Expense Automobile Expense Miscellaneous Expense Bal. 3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 20Y2. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. Jones Architects Unadjusted Trial Balance April 30, 20Y2 Debit Balances Credit Balances 4. Determine the net income or net loss for April

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

More Books

Students also viewed these Accounting questions