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Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: a. Transferred cash from
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, $59,300. b. Purchased used automobile for $39,000, paying $8,900 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $5,900. d. Paid cash for supplies, $2,850. e. Purchased office and computer equipment on account, $11,900. f. Paid cash for annual insurance policies on automobile and equipment, $4,000. g. Received cash from a client for plans delivered, $14,800. h. Paid cash to creditors on account, $3,440. i. Paid cash for miscellaneous expenses, $375. j. Received invoice for blueprint service, due in May, $2,000. k. Recorded fees earned on plans delivered, payment to be received in May, $10,300. 1. Paid salary of assistant, $3,100. m. Paid cash for miscellaneous expenses, $1,600. n. Paid installment due on note payable, $470. o. Paid gas, oil, and repairs on automobile for April, $770. Bal. O Cash Accounts Receivable C Supplies All work saved. DELL Supplies Prepaid Insurance Automobiles Equipment Notes Payable Bal. Accounts Payable Bal. Common Stock Bal. Professional Fees Bal. Rent Expense Salary Expense Blueprint Expense Automobile Expense Miscellaneous Expense Bal. Miscellaneous Expense 3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 2012, List all accounts in the order of Assets, Liabilitie Jones Architects Unadjusted Trial Balance April 30, 20Y2 Debit Balances Credit Balances 4. Determine the net income or net loss for April.
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