Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kimberly Manis, an architect, opened an office on January 1, 2016. During the month, she completed the following transactions connected with her professional practice: a

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Kimberly Manis, an architect, opened an office on January 1, 2016. During the month, she completed the following transactions connected with her professional practice: a Transferred cash from a personal bank account to an account to be used for the business, $21,00o. b. Paid January rent for office and workroom, $1,550 C Purchased used automobile for $25,400, paying $5,500 cash and giving a note payable for the remander d. Purchased office and computer equipment on account, $4,900 e. Paid cash for supplies, $1,200 t Paid cash for annual insurance polidies, $3,200 g. Received cash from dlent for plans delivered, $13,700. h. Paid cash for miscellaneous expenses, $2,200 L Paid cash to creditors on account, $4,600 Paid installment due on note payable, $600 k. Received invoice for blueprint service, due in February. $5,000 Recorded fees eamed on plans delivered, payment to be received in February, $21,200. m. Paid salary of assistants, $3,500 n. Paid gas, oil, and repairs on automobile for January, $1,700 Required: . Record these transactions directly in the following T accounts, without Jurnalicing Cash: Accouts Recevable Supplies Prepaid Insurance; Automobles, Equipment: Notes Payable: Accounts Payable: Kimberly Manis, Capital, Professional Fee Salary Expense; Blueprint Expense; entered in the accounts select the appropriate letter to identify the transaction Rent Expense: Automobile Expense; Miscellaneous Expense. To the left of the amount 2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance 3. Prepare an unaduated.zial alance for kimberly Manis, Architect, as of January 31, 2016 Determine the net income or net loss for January

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

Mastering Accounting Skills

Authors: Margaret Nicholson

3rd Edition

1403992703, 978-1403992703

More Books

Students also viewed these Accounting questions