Erin Murdoch, an architect, organized Modern Architects on January 1, 20Y4. During the month, Modern Architects completed the following transactions:

Issued common stock to Erin Murdoch in exchange for $50,000. Paid January rent for office and workroom, $3,000. Purchased used automobile for $30,000, paying $7,500 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,500. Paid cash for supplies, $1,800. Paid cash for annual insurance policies, $3,600. Received cash from client for plans delivered, $10,500. Paid cash for miscellaneous expenses, $1,500. Paid cash to creditors on account, $5,000. Paid installment due on note payable, $750. Received invoice for blueprint service, due in February, $5,500. Recorded fees earned on plans delivered, payment to be received in February, $22,350. Paid salary of assistants, $8,000. Paid gas, oil, and repairs on automobile for January, $550. 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, Notes Payable, Accounts Payable, Common Stock, 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 TransactionDebit amountTransactionCredit amount fill in the blank 1 of 62 a. fill in the blank 2 of 62 fill in the blank 2 of 62 a. fill in the blank 4 of 62 fill in the blank 5 of 62 b. fill in the blank 6 of 62 fill in the blank 7 of 62 fill in the blank 8 of 62 fill in the blank 9 of 62 fill in the blank 10 of 62 fill in the blank 11 of 62 fill in the blank 12 of 62 fill in the blank 13 of 62 fill in the blank 14 of 62 fill in the blank 15 of 62 fill in the blank 16 of 62 fill in the blank 17 of 62 fill in the blank 18 of 62 fill in the blank 19 of 62 fill in the blank 20 of 62 fill in the blank 21 of 62 fill in the blank 22 of 62 Bal.fill in the blank 23 of 62

Accounts Receivable TransactionDebit amountTransactionCredit amount fill in the blank 24 of 62 fill in the blank 25 of 62

Supplies TransactionDebit amountTransactionCredit amount fill in the blank 26 of 62 fill in the blank 27 of 62

Prepaid Insurance TransactionDebit amountTransactionCredit amount fill in the blank 28 of 62 fill in the blank 29 of 62

Automobiles TransactionDebit amountTransactionCredit amount fill in the blank 30 of 62 fill in the blank 31 of 62

Equipment TransactionDebit amountTransactionCredit amount fill in the blank 32 of 62 fill in the blank 33 of 62

Notes Payable TransactionDebit amountTransactionCredit amount fill in the blank 34 of 62 fill in the blank 35 of 62 fill in the blank 36 of 62 fill in the blank 37 of 62 Bal.fill in the blank 38 of 62

Accounts Payable TransactionDebit amountTransactionCredit amount fill in the blank 39 of 62 fill in the blank 40 of 62 fill in the blank 41 of 62 fill in the blank 42 of 62 fill in the blank 43 of 62 fill in the blank 44 of 62 Bal.fill in the blank 45 of 62

Common Stock TransactionDebit amountTransactionCredit amount fill in the blank 46 of 62 fill in the blank 47 of 62

Professional Fees TransactionDebit amountTransactionCredit amount fill in the blank 48 of 62 fill in the blank 49 of 62 fill in the blank 50 of 62 fill in the blank 51 of 62 Bal.fill in the blank 52 of 62

Salary Expense TransactionDebit amountTransactionCredit amount fill in the blank 53 of 62 fill in the blank 54 of 62

Blueprint Expense TransactionDebit amountTransactionCredit amount fill in the blank 55 of 62 fill in the blank 56 of 62

Rent Expense TransactionDebit amountTransactionCredit amount fill in the blank 57 of 62 fill in the blank 58 of 62

Automobile Expense TransactionDebit amountTransactionCredit amount fill in the blank 59 of 62 fill in the blank 60 of 62

Miscellaneous Expense TransactionDebit amountTransactionCredit amount fill in the blank 61 of 62 fill in the blank 62 of 62 Feedback Area Feedback 1. Apply the rules of double entry accounting and debit and credit to record each transaction in the appropriate T-account. Remember the left side of a T-account is used to record debits and the right side is used to record credits.

2. Mathematically determine the ending balance for each T-account. Remember that assets and expenses will have a normal debit balance while revenues and liabilities will have a normal credit balance.

Question Content Area 3. Prepare an unadjusted trial balance for Modern Architects as of January 31, 20Y4. 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.

Modern Architects Unadjusted Trial Balance January 31, 20Y4 AccountDebit BalancesCredit Balances

Cash Cash Cash

Accounts Receivable Accounts Receivable Accounts Receivable

Supplies Supplies Supplies

Prepaid Insurance Prepaid Insurance Prepaid Insurance

Automobiles Automobiles Automobiles

Equipment Equipment Equipment

Notes Payable Notes Payable Notes Payable

Accounts Payable Accounts Payable Accounts Payable

Common Stock Common Stock Common Stock

Professional Fees Professional Fees Professional Fees

Salary Expense Salary Expense Salary Expense

Blueprint Expense Blueprint Expense Blueprint Expense

Rent Expense Rent Expense Rent Expense

Automobile Expense Automobile Expense Automobile Expense

Miscellaneous Expense Miscellaneous Expense Miscellaneous Expense TotalTotal Total Question Content Area 4. Determine the net income or net loss for January.