Architects completed the following transactions: A. Issued common stock to Marjorie Knaus in exchange for $30,000. B. Paid January rent for office and workroom, $2,500. C. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. D. Purchased office and computer equipment on account, $8,000. E. Paid cash for supplies, $2,100. F. Paid cash for annual insurance policies, $3,600. G. Received cash from client for plans delivered, $9,000. H. Paid cash for miscellaneous expenses, $2,600. I. Paid cash to creditors on account, $4,000. J. Paid installment due on note payable, $1,875. K. Received invoice for blueprint service, due in February, $5,500. L. Recorded fees earned on plans delivered, payment to be received in February, $31,400. M. Paid salary of assistants, $6,000. N. Paid gas, oil, and repairs on automobile for January, $1,300. Required: 1. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Common Stock; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 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. 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018.
Architects completed the following transactions: A. Issued common stock to Marjorie Knaus in exchange for $30,000. B. Paid January rent for office and workroom, $2,500. C. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. D. Purchased office and computer equipment on account, $8,000. E. Paid cash for supplies, $2,100. F. Paid cash for annual insurance policies, $3,600. G. Received cash from client for plans delivered, $9,000. H. Paid cash for miscellaneous expenses, $2,600. I. Paid cash to creditors on account, $4,000. J. Paid installment due on note payable, $1,875. K. Received invoice for blueprint service, due in February, $5,500. L. Recorded fees earned on plans delivered, payment to be received in February, $31,400. M. Paid salary of assistants, $6,000. N. Paid gas, oil, and repairs on automobile for January, $1,300. Required: 1. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Common Stock; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 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. 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:
A. | Issued common stock to Marjorie Knaus in exchange for $30,000. |
B. | Paid January rent for office and workroom, $2,500. |
C. | Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. |
D. | Purchased office and computer equipment on account, $8,000. |
E. | Paid cash for supplies, $2,100. |
F. | Paid cash for annual insurance policies, $3,600. |
G. | Received cash from client for plans delivered, $9,000. |
H. | Paid cash for miscellaneous expenses, $2,600. |
I. | Paid cash to creditors on account, $4,000. |
J. | Paid installment due on note payable, $1,875. |
K. | Received invoice for blueprint service, due in February, $5,500. |
L. | Recorded fees earned on plans delivered, payment to be received in February, $31,400. |
M. | Paid salary of assistants, $6,000. |
N. | Paid gas, oil, and repairs on automobile for January, $1,300. |
Required: | |
1. | Record these transactions directly in the following T accounts, without journalizing: Cash; |
2. | Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. |
3. | Prepare an unadjusted |
4. | Determine the net income or net loss for January. |
![1. Record these transactions directly in the following T accounts, without journalizing: Cash;
Accounts Receivable; Supplies; Prepaid Insurance: Automobiles: Eguipment; Notes Payable;
Accounts Payable; Common Stock; Professional Fees: Salary Expense: Blueprint Expense; Rent
Expense; Automobile Expense; Miscellaneous Expense. 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.
Cash
Bal.
Accounts Receivable
Supplies
Prepaid Insurance
Automobiles
Equipment
Notes Payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1addc0d-ad19-47e0-b731-19a33652960b%2Fa6b8d701-7b2a-456d-85ec-645602e25905%2F47ta1xp_processed.png&w=3840&q=75)
Transcribed Image Text:1. Record these transactions directly in the following T accounts, without journalizing: Cash;
Accounts Receivable; Supplies; Prepaid Insurance: Automobiles: Eguipment; Notes Payable;
Accounts Payable; Common Stock; Professional Fees: Salary Expense: Blueprint Expense; Rent
Expense; Automobile Expense; Miscellaneous Expense. 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.
Cash
Bal.
Accounts Receivable
Supplies
Prepaid Insurance
Automobiles
Equipment
Notes Payable
![Bal.
Accounts Payable
Bal.
Common Stock
Professional Fees
Bal.
Salary Expense
Blueprint Expense
Rent Expense
Automobile Expense
Miscellaneous Expense
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1addc0d-ad19-47e0-b731-19a33652960b%2Fa6b8d701-7b2a-456d-85ec-645602e25905%2F99mth55_processed.png&w=3840&q=75)
Transcribed Image Text:Bal.
Accounts Payable
Bal.
Common Stock
Professional Fees
Bal.
Salary Expense
Blueprint Expense
Rent Expense
Automobile Expense
Miscellaneous Expense
1
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