Reference no: EM132933981

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:

1. Transferred cash from a personal bank account to an account for the business, $63,900.
2. Paid October rent for office and workroom, $6,400.
3. Purchased used automobile for $42,000, paying $9,600 cash and giving a note payable for the remainder.
4. Purchased office and computer equipment on account, $12,800.
5. Paid cash for supplies, $3,070.
6. Paid cash for annual insurance policies $4,300.
7. Received cash from a client for plans delivered, $16,000.
8. Paid cash for miscellaneous expenses, $1,720.
9. Paid cash to creditors on account, $3,710.
10. Paid $510 on note payable.
11. Received an invoice for blueprint service, due in November, $2,100.
12. Recorded fees earned on plans delivered, payment to be received in November, $11,100.
13. Paid salary of assistants, $3,400.
14. Paid gas, oil, and repairs on the automobile for October, $830.

Required:

Problem 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.

Problem 2. Determine accounts balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance