Reference no: EM132832934
Question - Entries into T Accounts and Trial Balance
Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice:
1. Transferred cash from a personal bank account to an account to be used for the business, $59,500.
2. Paid October rent for office and workroom, $6,000.
3. Purchased used automobile for $39,000, paying $8,900 cash and giving a note payable for the remainder.
4. Purchased office and computer equipment on account, $11,900.
5. Paid cash for supplies, $2,860.
6. Paid cash for annual insurance policies, $4,000.
7. Received cash from client for plans delivered, $14,900.
8. Paid cash for miscellaneous expenses, $1,600.
9. Paid cash to creditors on account, $3,450.
10. Paid $480 on note payable.
11. Received invoice for blueprint service, due in November, $2,000.
12. Recorded fees earned on plans delivered, payment to be received in November, $10,300.
13. Paid salary of assistants, $3,200.
14. Paid gas, oil, and repairs on automobile for October, $770.
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.