Entries into T accounts and Trial Balance Ken Jones, an architect, opened an office on April 1, 20Y4. During the month, he completed the following transactions connected with his professional practice: Transferred cash from a personal bank account to an account to be used for the business, $18,000. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $3,150. Paid cash for supplies, $1,450. Purchased office and computer equipment on account, $6,500. Paid cash for annual insurance policies on automobile and equipment, $2,400. Received cash from a client for plans delivered, $12,000. Paid cash to creditors on account, $1,800. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $2,500. Recorded fees earned on plans delivered, payment to be received in May, $15,650. Paid salary of assistant, $2,800. Paid cash for miscellaneous expenses, $200. Paid $300 on note payable. Paid gas, oil, and repairs on automobile for April, $550. Required: Question Content Area 1. Record the above transactions (in chronological order) directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. To the left of each 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 fill in the blank 820329fe904c03c_2 fill in the blank 820329fe904c03c_4 fill in the blank 820329fe904c03c_6 fill in the blank 820329fe904c03c_8 fill in the blank 820329fe904c03c_10 fill in the blank 820329fe904c03c_12 fill in the blank 820329fe904c03c_14 fill in the blank 820329fe904c03c_16 fill in the blank 820329fe904c03c_18 fill in the blank 820329fe904c03c_20 fill in the blank 820329fe904c03c_22 fill in the blank 820329fe904c03c_24 Bal. fill in the blank 820329fe904c03c_25 Accounts Receivable fill in the blank 820329fe904c03c_27 Supplies fill in the blank 820329fe904c03c_29 Prepaid Insurance fill in the blank 820329fe904c03c_31 Automobiles fill in the blank 820329fe904c03c_33 Equipment fill in the blank 820329fe904c03c_35 Accounts Payable fill in the blank 820329fe904c03c_37 fill in the blank 820329fe904c03c_39 fill in the blank 820329fe904c03c_41 Bal. fill in the blank 820329fe904c03c_42 Notes Payable fill in the blank 820329fe904c03c_44 fill in the blank 820329fe904c03c_46 Bal. fill in the blank 820329fe904c03c_47 Ken Jones, Capital fill in the blank 820329fe904c03c_49 Professional Fees fill in the blank 820329fe904c03c_51 fill in the blank 820329fe904c03c_53 Bal. fill in the blank 820329fe904c03c_54 Rent Expense fill in the blank 820329fe904c03c_56 Salary Expense fill in the blank 820329fe904c03c_58 Blueprint Expense fill in the blank 820329fe904c03c_60 Automobile Expense fill in the blank 820329fe904c03c_62 Miscellaneous Expense fill in the blank 820329fe904c03c_64 fill in the blank 820329fe904c03c_66 Bal. fill in the blank 820329fe904c03c_67 Feedback Area Feedback 1. and 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit. Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification. Question Content Area 3. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 20Y4. If an amount box does not require an entry, leave it blank. Ken Jones, ArchitectUnadjusted Trial BalanceApril 30, 20Y4 Debit Balances Credit Balances - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - fill in the blank 55b9140ebf97052_46 fill in the blank 55b9140ebf97052_47 Feedback Area Feedback 3. The trial balance lists the ending balance of each account in a corresponding Debit or Credit column. The trial balance column totals should be equal. Question Content Area 4. Determine the net income or net loss for April. $fill in the blank fc4971018fa0f98_2 Feedback Area Feedback 4. Recall that Revenue - Expenses = Net Income (Loss). Feedback Area

Entries into T accounts and Trial Balance Ken Jones, an architect, opened an office on April 1, 20Y4. During the month, he completed the following transactions connected with his professional practice: Transferred cash from a personal bank account to an account to be used for the business, $18,000. Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $3,150. Paid cash for supplies, $1,450. Purchased office and computer equipment on account, $6,500. Paid cash for annual insurance policies on automobile and equipment, $2,400. Received cash from a client for plans delivered, $12,000. Paid cash to creditors on account, $1,800. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $2,500. Recorded fees earned on plans delivered, payment to be received in May, $15,650. Paid salary of assistant, $2,800. Paid cash for miscellaneous expenses, $200. Paid $300 on note payable. Paid gas, oil, and repairs on automobile for April, $550. Required: Question Content Area 1. Record the above transactions (in chronological order) directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. To the left of each 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 fill in the blank 820329fe904c03c_2 fill in the blank 820329fe904c03c_4 fill in the blank 820329fe904c03c_6 fill in the blank 820329fe904c03c_8 fill in the blank 820329fe904c03c_10 fill in the blank 820329fe904c03c_12 fill in the blank 820329fe904c03c_14 fill in the blank 820329fe904c03c_16 fill in the blank 820329fe904c03c_18 fill in the blank 820329fe904c03c_20 fill in the blank 820329fe904c03c_22 fill in the blank 820329fe904c03c_24 Bal. fill in the blank 820329fe904c03c_25 Accounts Receivable fill in the blank 820329fe904c03c_27 Supplies fill in the blank 820329fe904c03c_29 Prepaid Insurance fill in the blank 820329fe904c03c_31 Automobiles fill in the blank 820329fe904c03c_33 Equipment fill in the blank 820329fe904c03c_35 Accounts Payable fill in the blank 820329fe904c03c_37 fill in the blank 820329fe904c03c_39 fill in the blank 820329fe904c03c_41 Bal. fill in the blank 820329fe904c03c_42 Notes Payable fill in the blank 820329fe904c03c_44 fill in the blank 820329fe904c03c_46 Bal. fill in the blank 820329fe904c03c_47 Ken Jones, Capital fill in the blank 820329fe904c03c_49 Professional Fees fill in the blank 820329fe904c03c_51 fill in the blank 820329fe904c03c_53 Bal. fill in the blank 820329fe904c03c_54 Rent Expense fill in the blank 820329fe904c03c_56 Salary Expense fill in the blank 820329fe904c03c_58 Blueprint Expense fill in the blank 820329fe904c03c_60 Automobile Expense fill in the blank 820329fe904c03c_62 Miscellaneous Expense fill in the blank 820329fe904c03c_64 fill in the blank 820329fe904c03c_66 Bal. fill in the blank 820329fe904c03c_67 Feedback Area Feedback 1. and 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit. Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification. Question Content Area 3. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 20Y4. If an amount box does not require an entry, leave it blank. Ken Jones, ArchitectUnadjusted Trial BalanceApril 30, 20Y4 Debit Balances Credit Balances - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - fill in the blank 55b9140ebf97052_46 fill in the blank 55b9140ebf97052_47 Feedback Area Feedback 3. The trial balance lists the ending balance of each account in a corresponding Debit or Credit column. The trial balance column totals should be equal. Question Content Area 4. Determine the net income or net loss for April. $fill in the blank fc4971018fa0f98_2 Feedback Area Feedback 4. Recall that Revenue - Expenses = Net Income (Loss). Feedback Area

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area

1. Record the above transactions (in chronological order) directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. To the left of each 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
	fill in the blank 820329fe904c03c_2	fill in the blank 820329fe904c03c_4
	fill in the blank 820329fe904c03c_6	fill in the blank 820329fe904c03c_8
		fill in the blank 820329fe904c03c_10
		fill in the blank 820329fe904c03c_12
		fill in the blank 820329fe904c03c_14
		fill in the blank 820329fe904c03c_16
		fill in the blank 820329fe904c03c_18
		fill in the blank 820329fe904c03c_20
		fill in the blank 820329fe904c03c_22
		fill in the blank 820329fe904c03c_24
Bal.	fill in the blank 820329fe904c03c_25

Accounts Receivable
	fill in the blank 820329fe904c03c_27

Supplies
	fill in the blank 820329fe904c03c_29

Prepaid Insurance
	fill in the blank 820329fe904c03c_31

Automobiles
	fill in the blank 820329fe904c03c_33

Equipment
	fill in the blank 820329fe904c03c_35


fill in the blank 820329fe904c03c_37		fill in the blank 820329fe904c03c_39
		fill in the blank 820329fe904c03c_41
	Bal.	fill in the blank 820329fe904c03c_42

Notes Payable
	fill in the blank 820329fe904c03c_44		fill in the blank 820329fe904c03c_46
		Bal.	fill in the blank 820329fe904c03c_47

Ken Jones, Capital
			fill in the blank 820329fe904c03c_49

Professional Fees
			fill in the blank 820329fe904c03c_51
			fill in the blank 820329fe904c03c_53
		Bal.	fill in the blank 820329fe904c03c_54

Rent Expense
	fill in the blank 820329fe904c03c_56

Salary Expense
	fill in the blank 820329fe904c03c_58

Blueprint Expense
	fill in the blank 820329fe904c03c_60

Automobile Expense
	fill in the blank 820329fe904c03c_62

Miscellaneous Expense
	fill in the blank 820329fe904c03c_64
	fill in the blank 820329fe904c03c_66
Bal.	fill in the blank 820329fe904c03c_67

Feedback Area

Feedback

1. and 2. First, identify what account is used and then what type of account is used. Every account is either an asset, liability, capital, withdrawal, revenue, or expense account. Every transaction involves at least two accounts. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit in the T-accounts, following the rules of debit and credit. Net debits against credits to determine the balance and double-check to see if it is a normal balance for that account classification.

Question Content Area

3. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 20Y4. If an amount box does not require an entry, leave it blank.

Ken Jones, ArchitectUnadjusted Trial BalanceApril 30, 20Y4

	Debit Balances	Credit Balances
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	fill in the blank 55b9140ebf97052_46	fill in the blank 55b9140ebf97052_47

Feedback Area

Feedback

3. The trial balance lists the ending balance of each account in a corresponding Debit or Credit column. The trial balance column totals should be equal.

Question Content Area

4. Determine the net income or net loss for April.

$fill in the blank fc4971018fa0f98_2

Feedback Area

Feedback

4. Recall that Revenue - Expenses = Net Income (Loss).

Feedback Area

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