Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.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: Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400. Paid October rent for office and workroom, $6,000. Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,100. Paid cash for supplies, $2,900. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $15,100. Paid cash for miscellaneous expenses, $1,630. Paid cash to creditors on account, $3,500. Paid $480 on note payable. Received invoice for blueprint service, due in November, $2,000. Recorded fees earned on plans delivered, payment to be received in November, $10,400. Paid salary of assistants, $3,200. Paid gas, oil, and repairs on automobile for October, $790. 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. Cash a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. Bal. A claim against the customer created by selling merchandise or services on credit.Accounts Receivable a. b. c. d. e. f. g. h. i. j. k. l. m. n. Supplies a. b. c. d. e. f. g. h. i. j. k. l. m. n. Prepaid Insurance a. b. c. d. e. f. g. h. i. j. k. l. m. n. Automobiles a. b. c. d. e. f. g. h. i. j. k. l. m. n. Equipment a. b. c. d. e. f. g. h. i. j. k. l. m. n. Accounts Payable a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. Bal. Notes Payable a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. Bal. Connie Young, Capital a. b. c. d. e. f. g. h. i. j. k. l. m. n. Professional Fees a. b. c. d. e. f. g. h. i. j. k. l. m. n. a. b. c. d. e. f. g. h. i. j. k. l. m. n. Bal. Salary Expense a. b. c. d. e. f. g. h. i. j. k. l. m. n. Blueprint Expense a. b. c. d. e. f. g. h. i. j. k. l. m. n. Rent Expense a. b. c. d. e. f. g. h. i. j. k. l. m. n. Automobile Expense a. b. c. d. e. f. g. h. i. j. k. l. m. n. Miscellaneous Expense a. b. c. d. e. f. g. h. i. j. k. l. m. n. Feedback 3. Prepare an A summary listing of the titles and balances of accounts in the ledger prior to the posting of adjusting entries.unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. For those boxes in which no entry is required, leave the box blank. Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit Balances Credit Balances Automobile Expense Cash Equipment Connie Young, Capital Notes Payable Professional Fees Rent Expense Accounts Payable Accounts Receivable Automobile Expense Blueprint Expense Connie Young, Capital Miscellaneous Expense Professional Fees Accounts Payable Connie Young, Capital Professional Fees Supplies Notes Payable Rent Expense Salary Expense Accounts Payable Automobile Expense Connie Young, Capital Notes Payable Prepaid Insurance Professional Fees Salary Expense Automobile Expense Automobiles Blueprint Expense Connie Young, Capital Miscellaneous Expense Notes Payable Rent Expense Accounts Payable Blueprint Expense Connie Young, Capital Equipment Professional Fees Rent Expense Salary Expense Accounts Payable Accounts Receivable Automobiles Connie Young, Capital Equipment Professional Fees Rent Expense Accounts Receivable Cash Connie Young, Capital Miscellaneous Expense Notes Payable Professional Fees Supplies Accounts Receivable Blueprint Expense Cash Connie Young, Capital Miscellaneous Expense Notes Payable Prepaid Insurance Accounts Payable Accounts Receivable Automobiles Automobile Expense Cash Professional Fees Supplies Automobiles Cash Equipment Notes Payable Professional Fees Salary Expense Supplies Accounts Payable Accounts Receivable Blueprint Expense Cash Connie Young, Capital Notes Payable Supplies Automobiles Cash Connie Young, Capital Equipment Prepaid Insurance Rent Expense Supplies Accounts Payable Accounts Receivable Automobile Expense Automobiles Cash Connie Young, Capital Equipment Accounts Payable Accounts Receivable Equipment Miscellaneous Expense Notes Payable Prepaid Insurance Supplies 4. Determine the net income or net loss for October
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Entries into The simplest form of an account.T Accounts and A summary listing of the titles and balances of accounts in the ledger.
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:
- Transferred cash from a personal bank An accounting form that is used to record the increases and decreases in each financial statement item.account to an account to be used for the business, $60,400.
- Paid October rent for office and workroom, $6,000.
- Purchased used automobile for $39,000, paying $9,100 cash and giving a note payable for the remainder.
- Purchased office and computer equipment on account, $12,100.
- Paid cash for supplies, $2,900.
- Paid cash for annual insurance policies, $4,000.
- Received cash from client for plans delivered, $15,100.
- Paid cash for miscellaneous expenses, $1,630.
- Paid cash to creditors on account, $3,500.
- Paid $480 on note payable.
- Received invoice for blueprint service, due in November, $2,000.
- Recorded fees earned on plans delivered, payment to be received in November, $10,400.
- Paid salary of assistants, $3,200.
- Paid gas, oil, and repairs on automobile for October, $790.
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.
Cash - a.
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Bal.
A claim against the customer created by selling merchandise or services on credit. Accounts Receivable - a.
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Supplies - a.
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Prepaid Insurance - a.
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Automobiles - a.
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Equipment - a.
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Accounts Payable - a.
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Bal.
Notes Payable - a.
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Connie Young, Capital - a.
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Professional Fees - a.
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Salary Expense - a.
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Blueprint Expense - a.
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Rent Expense - a.
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Automobile Expense - a.
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Miscellaneous Expense - a.
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3. Prepare an A summary listing of the titles and balances of accounts in the ledger prior to the posting of adjusting entries.unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. For those boxes in which no entry is required, leave the box blank.
Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit
BalancesCredit
Balances- Automobile Expense
- Cash
- Equipment
- Connie Young, Capital
- Notes Payable
- Professional Fees
- Rent Expense
- Accounts Payable
- Accounts Receivable
- Automobile Expense
- Blueprint Expense
- Connie Young, Capital
- Miscellaneous Expense
- Professional Fees
- Accounts Payable
- Connie Young, Capital
- Professional Fees
- Supplies
- Notes Payable
- Rent Expense
- Salary Expense
- Accounts Payable
- Automobile Expense
- Connie Young, Capital
- Notes Payable
- Prepaid Insurance
- Professional Fees
- Salary Expense
- Automobile Expense
- Automobiles
- Blueprint Expense
- Connie Young, Capital
- Miscellaneous Expense
- Notes Payable
- Rent Expense
- Accounts Payable
- Blueprint Expense
- Connie Young, Capital
- Equipment
- Professional Fees
- Rent Expense
- Salary Expense
- Accounts Payable
- Accounts Receivable
- Automobiles
- Connie Young, Capital
- Equipment
- Professional Fees
- Rent Expense
- Accounts Receivable
- Cash
- Connie Young, Capital
- Miscellaneous Expense
- Notes Payable
- Professional Fees
- Supplies
- Accounts Receivable
- Blueprint Expense
- Cash
- Connie Young, Capital
- Miscellaneous Expense
- Notes Payable
- Prepaid Insurance
- Accounts Payable
- Accounts Receivable
- Automobiles
- Automobile Expense
- Cash
- Professional Fees
- Supplies
- Automobiles
- Cash
- Equipment
- Notes Payable
- Professional Fees
- Salary Expense
- Supplies
- Accounts Payable
- Accounts Receivable
- Blueprint Expense
- Cash
- Connie Young, Capital
- Notes Payable
- Supplies
- Automobiles
- Cash
- Connie Young, Capital
- Equipment
- Prepaid Insurance
- Rent Expense
- Supplies
- Accounts Payable
- Accounts Receivable
- Automobile Expense
- Automobiles
- Cash
- Connie Young, Capital
- Equipment
- Accounts Payable
- Accounts Receivable
- Equipment
- Miscellaneous Expense
- Notes Payable
- Prepaid Insurance
- Supplies
4. Determine the net income or net loss for October
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