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 following 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. j. 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. Determine account balances of the Taccounts. Accounts containing a single entry only (such as Prepaid Insurance do not need a balance 8:09 PM

Answer 1

1.

Prepare T-accounts as follows:

Cash
(a)	$44,200	(b)	$4,400
(g)	$11,100	(c )	$6,600
		(e)	$2,120
		(f)	$3,000
		(h)	$1,200
		(i)	$2,560
		(j)	$350
		(m)	$2,300
		(n)	$570
End. Bal.	$32,200
Account Receivable
(L)	$7,600
End. Bal	$7,600
Supplies
(e)	$2,120
End. Bal	$2,120
Prepaid Insurance
(f)	$3,000
End. Bal	$3,000
Automobile
(c)	$29,000
End. Bal	$29,000
Equipment
(d)	$8,800
End. Bal	$8,800

Accounts payable
(i)	$2,560	(d)	$8,800
		(k)	$1,500
		End. Bal.	$7,740
Notes payable
(j)	$350	(c)	$22,400
		End. Bal.	$22,050
Connie Young, Capital
		(a)	$44,200
		End. Bal.	$44,200
professional fees
		(g)	$11,100
		(L)	$7,600
		End. Bal.	$18,700
Salaries Expense
(m)	$2,300
End. Bal	$2,300
Blueprint Expense
(k)	$1,500
End. Bal	$1,500
Rent Expense
(b)	$4,400
End. Bal	$4,400
Automobile Expense
(n)	$570
End. Bal	$570
Miscellaneous Expense
(h)	$1,200
End. Bal	$1,200

________________________________________________________

Unadjusted trial balance
	Debit	Credit
Cash	$32,200
Accounts receivable	$7,600
Supplies	$2,120
Prepaid insurance	$3,000
Automobile	$29,000
Equipment	$8,800
Accounts payable		$7,740
Note payable		$22,050
CY, capital		$44,200
Professional fees		$18,700
Salaries expense	$2,300
Blueprint expense	$1,500
Rent expense	$4,400
Automobile expense	$570
Miscellaneous expense	$1,200
Total	$92,690	$92,690