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Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following
Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. 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, $64,600. b. Paid October rent for office and workroom, $6,500. c. Purchased used automobile for $42,000, paying $9,700 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $12,900. e. Paid cash for supplies, $3,100. f. Paid cash for annual insurance policies, $4,300. g. Received cash from client for plans delivered, $16,200. h. Paid cash for miscellaneous expenses, $1,740. i. Paid cash to creditors on account, $3,750. j. Paid $520 on note payable. k. Received invoice for blueprint service, due in November, $2,100. I. Recorded fees earned on plans delivered, payment to be received in November, $11,200. m. Paid salary of assistants, $3,400. n. Paid gas, oil, and repairs on automobile for October, $840. Required: 1. Record the above transactions in chronological order) directly into the T accounts. To the left of the 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. 2. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Cash a. 64,600 a. X 6,500 b. X 16,200 b. X Bal. Accounts Receivable Supplies Prepaid Insurance Automobiles Equipment Accounts Payable Bal. Notes Payable Bal. Connie Young, Capital Profes onal Fees Bal. Salary Expense Blueprint Expense Rent Expense Automobile Expense Miscellaneous Expense
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