Question

PR 2-1A Entries into T accounts and trial balance OBJ. 1, 2, 3, 4 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 busi- ness, $36,000. b. Paid October rent for office and workroom, $2,400. c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500. j. Paid $5,000 on note payable. k. Received invoice for blueprint service, due in November, $2,890. 1. Recorded fees earned on plans delivered, payment to be received in November, $18,300. m. Paid salary of assistants, $6,450. n. Paid gas, oil, and repairs on automobile for October, $1,020.

Answer 1

Journal Entries

				In $
1	Bank A/c			36000
	To Capital A/c		36000
2	Rent A/c			2400
	To Bank a/c		2400
3	Automobile a/c		32800
	To Cash		7800
	To Bank a/c		25000
4	Office & Computer A/c	9000
	To creditor		9000
5	Supplies a/c		2150
	To cash		2150
6	Insurance a/c		4000
	To cash		4000
7	Cash a/c			12200
	To Professional fees	12200
8	Misc Exp			815
	To cash		815
9	Creditors a/c		4500
	To cash		4500
10	No entry
11	Debtor a/c		18300
	To Professional fees	18300
12	Salary			6450
	To bank		6450
13	Repair & maintenance	1020
	To bank		1020

	Trial Balance
S,No.	Particulars	Amt(Dr)	Amt(Cr)
1	Bank A/c	8600
2	Capital A/c		36000
3	Rent A/c	2400
4	Automobile a/c	32800
5	Cash	-14535
6	Office & Computer A/c	9000
7	Creditor		4500
8	Supplies	2150
9	Insurance a/c	4000
10	Professional Fees		30500
11	Misc Exp	815
12	Debtor a/c	18300
13	Salary	6450
14	Repair & maintenance	1020
	Total	71000	71000