Question

Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the followin transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, $44,200. b. Paid October rent for office and workroom, $4,400. c. Purchased used automobile for $29,000, paying $6,600 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $8,800. e. Paid cash for supplies, $2,120. f. Paid cash for annual insurance policies, $3,000. g. Received cash from client for plans delivered, $11,100. h. Paid cash for miscellaneous expenses, $1,200. i. Paid cash to creditors on account, $2,560. 1. Paid $350 on note payable. k. Received invoice for blueprint service, due in November, $1,500. 1. Recorded fees earned on plans delivered, payment to be received in November, $7,600. m. Paid salary of assistants, $2,300 n. Paid gas, oil, and repairs on automobile for October, $570. 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 Datamine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid

Answer 1

		CASH
	Ref	Description	Debit	Ref	Description	Credit
	a	Common Stock	$44,200
	g	Fees Earned	$11,100	b	Rent Expense	$4,400
	i	Accounts receivable	$2,560	c	Automobile Purchase	$6,600
				e	Supplies	$2,120
				f	Prepaid Insurance	$3,000
				h	Miscellaneous expense	$1,200
	i			i	Accounts Payable	$2,560
				j	Note payable	$350
				m	Salaries expenses	$2,300
				n	Utilities expense	$570
		Closing Balance	$32,200
		ACCOUNTS RECEIVABLE
	Ref	Description	Debit	Ref	Description	Credit
	l	Fees Earned	$7,600
		AUTOMOBILES
	Ref	Description	Debit	Ref	Description	Credit
	c	Purchase	$29,000
		OFFICE EQUIPMENT
	Ref	Description	Debit	Ref	Description	Credit
	d	Accounts Payable	$8,800
		SUPPLIES
	Ref	Description	Debit	Ref	Description	Credit
	e	Cash	$2,120
		PREPAID INSURANCE
	Ref	Description	Debit	Ref	Description	Credit
	f	Cash	$3,000
		ACCOUNT PAYABLE
	Ref	Description	Debit	Ref	Description	Credit
	i	Cash	$2,560	d	Office Equipment	$8,800
				k	Blue print service	$1,500
		NOTE PAYABLE
	Ref	Description	Debit	Ref	Description	Credit
				c	Automobile	$22,400	(29000-6600)
	j	Cash	$350
		COMMON STOCK
	Ref	Description	Debit	Ref	Description	Credit
				a	Cash	$44,200
		FEES EARNED
	Ref	Description	Debit	Ref	Description	Credit
				l	Accounts Receivable	$7,600
				g	Cash	$11,100
		RENT EXPENSE
	Ref	Description	Debit	Ref	Description	Credit
	b	Cash	$4,400
		SALARIES EXPENSE
	Ref	Description	Debit	Ref	Description	Credit
	m	Cash	$2,300
		UTILITIES EXPENSE
	Ref	Description	Debit	Ref	Description	Credit
	n	Cash	$570
		MISCELLANEOUS EXPENSE
	Ref	Description	Debit	Ref	Description	Credit
	k	Blue print service	$1,500
	h	Cash	$1,200