Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Ken Jones, an architect, organized Jones Architects on April 1, 2012. During the month, Jones Architects completed the following transactions: a. Transferred cash from a

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ken Jones, an architect, organized Jones Architects on April 1, 2012. 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 $63,100. b. Purchased used automobile for $41,000, paying $9,500 cash and giving a note payable for the remainder c. Pald April rent for office and workroom, $6,300 d. Paid cash for supplies, $3,030. e. Purchased office and computer equipment on account, $12,600. 1. Pald cash for annual insurance policies on automobile and equipment, $4,200. 9. Received cash from a client for plans delivered, 515,800 h. Pald cash to creditors on account, 53,660 L. Pald cash for miscellaneous expenses, $375 1. Received invoice for blueprint service, due in May, 12,100 k. Recorded fees earned on plans delivered, payment to be received in May, 510,900, 1. Pald salary of assistant, $3,300 m. Paid cash for miscellaneous expenses, $1,700 n. Paid installment due on note payable, 5500 o. Pald gas, oil and repairs on automobile for April, $820 Required: 1. Record the above transactions in chronological order directly in the following accounts, without youmalizing: Cath, Accounts Receivable Supplies Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock Professional Fees, Rent Expense, Salary perse, Blueprint Expense, Automob Expense, Miscellaneous Expense. To the left of each amount entered in the accounts, select the appropriate better to identify the transaction 2. Determine account balances of the Taccounts, Accounts containing a single entry only (such as Pro Insurance) do not need a balance Cash Not Check My Work on Cho My Woo All Sument for Grading 2. Determine account balances of the accounts, Accounts containing a single entry only (such as Prepaid Insurance) do not need a * balance Cash Bal Accounts Receivable Supplies Prepaid Insurance Oy War Chow Prepaid Insurance Automobiles Equipment Notes Payable Bal. Accounts Payable Bal Common Stock Common Stock Professional Fees Bal Rent Expense Salary Expense Blueprint Expense Automobile Expense Miscellaneous Expense RetakeassignmentSessionLocator &inprogress false 1 eBook Print Item Miscellaneous Expense Bal 3. Prepare an uradjusted trial balance for Jones Architects as of April 30, 2012. list all accounts in the order of Assets, Liabilities, Stockholders equity, Revenues, and Expenses. 1 an amount box does not require an entry leave it blank. Jones Architects Unadjusted Trial Balance April 30, 2012 Debit balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Next > Check My Workmore Chartly Worker Awon sa Submit Amig men for Grading 4. Determine the net income or net loss for April. Check My Work 2 more Check My Work uses remaining. All work saved. MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago