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Lalitha S., an architect, opened an office on March 1. During the month, she completed the following transactions connected with her practice: a. Transferred cash
Lalitha S., an architect, opened an office on March 1. During the month, she completed the following transactions connected with her practice: a. Transferred cash from a personal bank acCount to an account to be used for the business, $15,000 b. Paid March rent for office and workroom, $2,000. C Purchased used car for $11,500, paying $2,500 cash and took a bank loan for the re- mainder. d. Purchased office and computer equipment on account, $5,500. e. Paid cash for supplies, $750. f. Paid cash for annual insurance policies, $1,050. g Received cash from client for plans delivered, $3,100 h. Paid cash for miscellaneous expenses, $75. i Paid cash to creditors, $2,950. Paid installment due on the bank loan, $400. k. Received invoice for printing service, due in April, $525. 1 Recorded fee earned on plans delivered, payment to be received in April, $4,150. m. Paid salaries of assistant, $1,200 n. Paid petrol and repairs on car for March, $150. Ausunt Teceivable Journalise the above transactions using the following accounts: Cash; Accounts Receiv- able; Supplies; Prepaid Insurance; Motor vehicles; Equipment; Bank Loan; Accounts Payable; Capital; Professional Fees; Rent Expense; Salaries Expense; Motor Vehicle Ex- pense; Printing Expense; Miscellaneous Expense
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