Entries into T Accounts and Trial Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions: Issued common stock to Marjorie Knaus in exchange for $40,600. Paid January rent for office and workroom, $4,100. Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $8,100. Paid cash for supplies, $1,950. Paid cash for annual insurance policies, $2,700. Received cash from client for plans delivered, $10,200. Paid cash for miscellaneous expenses, $1,100. Paid cash to creditors on account, $2,350. Paid installment due on note payable, $320. Received invoice for blueprint service, due in August, $1,300. Recorded fees earned on plans delivered, payment to be received in August, $7,000. Paid salary of assistants, $2,200. Paid gas, oil, and repairs on automobile for July, $530. Required: 1. Record the above transactions (in chronological order) directly in the following T accounts, without journalizing. Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, 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 the 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 701159fd5ffefe1_2 fill in the blank 701159fd5ffefe1_4 fill in the blank 701159fd5ffefe1_6 fill in the blank 701159fd5ffefe1_8 fill in the blank 701159fd5ffefe1_10 fill in the blank 701159fd5ffefe1_12 fill in the blank 701159fd5ffefe1_14 fill in the blank 701159fd5ffefe1_16 fill in the blank 701159fd5ffefe1_18 fill in the blank 701159fd5ffefe1_20 fill in the blank 701159fd5ffefe1_22 Bal. fill in the blank 701159fd5ffefe1_23 Accounts Receivable fill in the blank 701159fd5ffefe1_25 Supplies fill in the blank 701159fd5ffefe1_27 Prepaid Insurance fill in the blank 701159fd5ffefe1_29 Automobiles fill in the blank 701159fd5ffefe1_31 Equipment fill in the blank 701159fd5ffefe1_33 Notes Payable fill in the blank 701159fd5ffefe1_35 fill in the blank 701159fd5ffefe1_37 Bal. fill in the blank 701159fd5ffefe1_38 Accounts Payable fill in the blank 701159fd5ffefe1_40 fill in the blank 701159fd5ffefe1_42 fill in the blank 701159fd5ffefe1_44 Bal. fill in the blank 701159fd5ffefe1_45 Common Stock fill in the blank 701159fd5ffefe1_47 Professional Fees fill in the blank 701159fd5ffefe1_49 fill in the blank 701159fd5ffefe1_51 Bal. fill in the blank 701159fd5ffefe1_52 Rent Expense fill in the blank 701159fd5ffefe1_54 Salary Expense fill in the blank 701159fd5ffefe1_56 Blueprint Expense fill in the blank 701159fd5ffefe1_58 Automobile Expense fill in the blank 701159fd5ffefe1_60 Miscellaneous Expense fill in the blank 701159fd5ffefe1_62 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank. Knaus Architects Unadjusted Trial Balance January 31, 2018 Debit Balances Credit Balances fill in the blank f348e203106c04f_2 fill in the blank f348e203106c04f_3 fill in the blank f348e203106c04f_5 fill in the blank f348e203106c04f_6 fill in the blank f348e203106c04f_8 fill in the blank f348e203106c04f_9 fill in the blank f348e203106c04f_11 fill in the blank f348e203106c04f_12 fill in the blank f348e203106c04f_14 fill in the blank f348e203106c04f_15 fill in the blank f348e203106c04f_17 fill in the blank f348e203106c04f_18 fill in the blank f348e203106c04f_20 fill in the blank f348e203106c04f_21 fill in the blank f348e203106c04f_23 fill in the blank f348e203106c04f_24 fill in the blank f348e203106c04f_26 fill in the blank f348e203106c04f_27 fill in the blank f348e203106c04f_29 fill in the blank f348e203106c04f_30 fill in the blank f348e203106c04f_32 fill in the blank f348e203106c04f_33 fill in the blank f348e203106c04f_35 fill in the blank f348e203106c04f_36 fill in the blank f348e203106c04f_38 fill in the blank f348e203106c04f_39 fill in the blank f348e203106c04f_41 fill in the blank f348e203106c04f_42 fill in the blank f348e203106c04f_44 fill in the blank f348e203106c04f_45 fill in the blank f348e203106c04f_46 fill in the blank f348e203106c04f_47

Entries into T Accounts and Trial Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions: Issued common stock to Marjorie Knaus in exchange for $40,600. Paid January rent for office and workroom, $4,100. Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $8,100. Paid cash for supplies, $1,950. Paid cash for annual insurance policies, $2,700. Received cash from client for plans delivered, $10,200. Paid cash for miscellaneous expenses, $1,100. Paid cash to creditors on account, $2,350. Paid installment due on note payable, $320. Received invoice for blueprint service, due in August, $1,300. Recorded fees earned on plans delivered, payment to be received in August, $7,000. Paid salary of assistants, $2,200. Paid gas, oil, and repairs on automobile for July, $530. Required: 1. Record the above transactions (in chronological order) directly in the following T accounts, without journalizing. Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, 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 the 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 701159fd5ffefe1_2 fill in the blank 701159fd5ffefe1_4 fill in the blank 701159fd5ffefe1_6 fill in the blank 701159fd5ffefe1_8 fill in the blank 701159fd5ffefe1_10 fill in the blank 701159fd5ffefe1_12 fill in the blank 701159fd5ffefe1_14 fill in the blank 701159fd5ffefe1_16 fill in the blank 701159fd5ffefe1_18 fill in the blank 701159fd5ffefe1_20 fill in the blank 701159fd5ffefe1_22 Bal. fill in the blank 701159fd5ffefe1_23 Accounts Receivable fill in the blank 701159fd5ffefe1_25 Supplies fill in the blank 701159fd5ffefe1_27 Prepaid Insurance fill in the blank 701159fd5ffefe1_29 Automobiles fill in the blank 701159fd5ffefe1_31 Equipment fill in the blank 701159fd5ffefe1_33 Notes Payable fill in the blank 701159fd5ffefe1_35 fill in the blank 701159fd5ffefe1_37 Bal. fill in the blank 701159fd5ffefe1_38 Accounts Payable fill in the blank 701159fd5ffefe1_40 fill in the blank 701159fd5ffefe1_42 fill in the blank 701159fd5ffefe1_44 Bal. fill in the blank 701159fd5ffefe1_45 Common Stock fill in the blank 701159fd5ffefe1_47 Professional Fees fill in the blank 701159fd5ffefe1_49 fill in the blank 701159fd5ffefe1_51 Bal. fill in the blank 701159fd5ffefe1_52 Rent Expense fill in the blank 701159fd5ffefe1_54 Salary Expense fill in the blank 701159fd5ffefe1_56 Blueprint Expense fill in the blank 701159fd5ffefe1_58 Automobile Expense fill in the blank 701159fd5ffefe1_60 Miscellaneous Expense fill in the blank 701159fd5ffefe1_62 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank. Knaus Architects Unadjusted Trial Balance January 31, 2018 Debit Balances Credit Balances fill in the blank f348e203106c04f_2 fill in the blank f348e203106c04f_3 fill in the blank f348e203106c04f_5 fill in the blank f348e203106c04f_6 fill in the blank f348e203106c04f_8 fill in the blank f348e203106c04f_9 fill in the blank f348e203106c04f_11 fill in the blank f348e203106c04f_12 fill in the blank f348e203106c04f_14 fill in the blank f348e203106c04f_15 fill in the blank f348e203106c04f_17 fill in the blank f348e203106c04f_18 fill in the blank f348e203106c04f_20 fill in the blank f348e203106c04f_21 fill in the blank f348e203106c04f_23 fill in the blank f348e203106c04f_24 fill in the blank f348e203106c04f_26 fill in the blank f348e203106c04f_27 fill in the blank f348e203106c04f_29 fill in the blank f348e203106c04f_30 fill in the blank f348e203106c04f_32 fill in the blank f348e203106c04f_33 fill in the blank f348e203106c04f_35 fill in the blank f348e203106c04f_36 fill in the blank f348e203106c04f_38 fill in the blank f348e203106c04f_39 fill in the blank f348e203106c04f_41 fill in the blank f348e203106c04f_42 fill in the blank f348e203106c04f_44 fill in the blank f348e203106c04f_45 fill in the blank f348e203106c04f_46 fill in the blank f348e203106c04f_47

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

Entries into T Accounts and Trial Balance

Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:

Issued common stock to Marjorie Knaus in exchange for $40,600.
Paid January rent for office and workroom, $4,100.
Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $8,100.
Paid cash for supplies, $1,950.
Paid cash for annual insurance policies, $2,700.
Received cash from client for plans delivered, $10,200.
Paid cash for miscellaneous expenses, $1,100.
Paid cash to creditors on account, $2,350.
Paid installment due on note payable, $320.
Received invoice for blueprint service, due in August, $1,300.
Recorded fees earned on plans delivered, payment to be received in August, $7,000.
Paid salary of assistants, $2,200.
Paid gas, oil, and repairs on automobile for July, $530.

Required:

1. Record the above transactions (in chronological order) directly in the following T accounts, without journalizing. Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Common Stock, 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 the 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 701159fd5ffefe1_2	fill in the blank 701159fd5ffefe1_4
	fill in the blank 701159fd5ffefe1_6	fill in the blank 701159fd5ffefe1_8
		fill in the blank 701159fd5ffefe1_10
		fill in the blank 701159fd5ffefe1_12
		fill in the blank 701159fd5ffefe1_14
		fill in the blank 701159fd5ffefe1_16
		fill in the blank 701159fd5ffefe1_18
		fill in the blank 701159fd5ffefe1_20
		fill in the blank 701159fd5ffefe1_22
Bal.	fill in the blank 701159fd5ffefe1_23

Accounts Receivable
	fill in the blank 701159fd5ffefe1_25

Supplies
	fill in the blank 701159fd5ffefe1_27

Prepaid Insurance
	fill in the blank 701159fd5ffefe1_29

Automobiles
	fill in the blank 701159fd5ffefe1_31

Equipment
	fill in the blank 701159fd5ffefe1_33

Notes Payable
	fill in the blank 701159fd5ffefe1_35		fill in the blank 701159fd5ffefe1_37
		Bal.	fill in the blank 701159fd5ffefe1_38


fill in the blank 701159fd5ffefe1_40		fill in the blank 701159fd5ffefe1_42
		fill in the blank 701159fd5ffefe1_44
	Bal.	fill in the blank 701159fd5ffefe1_45

Common Stock
			fill in the blank 701159fd5ffefe1_47

Professional Fees
			fill in the blank 701159fd5ffefe1_49
			fill in the blank 701159fd5ffefe1_51
		Bal.	fill in the blank 701159fd5ffefe1_52

Rent Expense
	fill in the blank 701159fd5ffefe1_54

Salary Expense
	fill in the blank 701159fd5ffefe1_56

Blueprint Expense
	fill in the blank 701159fd5ffefe1_58

Automobile Expense
	fill in the blank 701159fd5ffefe1_60

Miscellaneous Expense
	fill in the blank 701159fd5ffefe1_62

3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank.

Knaus Architects
Unadjusted Trial Balance
January 31, 2018
	Debit Balances	Credit Balances
	fill in the blank f348e203106c04f_2	fill in the blank f348e203106c04f_3
	fill in the blank f348e203106c04f_5	fill in the blank f348e203106c04f_6
	fill in the blank f348e203106c04f_8	fill in the blank f348e203106c04f_9
	fill in the blank f348e203106c04f_11	fill in the blank f348e203106c04f_12
	fill in the blank f348e203106c04f_14	fill in the blank f348e203106c04f_15
	fill in the blank f348e203106c04f_17	fill in the blank f348e203106c04f_18
	fill in the blank f348e203106c04f_20	fill in the blank f348e203106c04f_21
	fill in the blank f348e203106c04f_23	fill in the blank f348e203106c04f_24
	fill in the blank f348e203106c04f_26	fill in the blank f348e203106c04f_27
	fill in the blank f348e203106c04f_29	fill in the blank f348e203106c04f_30
	fill in the blank f348e203106c04f_32	fill in the blank f348e203106c04f_33
	fill in the blank f348e203106c04f_35	fill in the blank f348e203106c04f_36
	fill in the blank f348e203106c04f_38	fill in the blank f348e203106c04f_39
	fill in the blank f348e203106c04f_41	fill in the blank f348e203106c04f_42
	fill in the blank f348e203106c04f_44	fill in the blank f348e203106c04f_45
	fill in the blank f348e203106c04f_46	fill in the blank f348e203106c04f_47

4. Determine the net income or net loss for January.
$fill in the blank 902db2fd4faaf98_2

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