Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $63,900. Paid October rent for office and workroom, $6,400. Purchased used automobile for $42,000, paying $9,600 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,800. Paid cash for supplies, $3,070. Paid cash for annual insurance policies, $4,300. Received cash from client for plans delivered, $16,000. Paid cash for miscellaneous expenses, $1,720. Paid cash to creditors on account, $3,710. Paid $510 on note payable. Received invoice for blueprint service, due in November, $2,100. Recorded fees earned on plans delivered, payment to be received in November, $11,100. Paid salary of assistants, $3,400. Paid gas, oil, and repairs on automobile for October, $830. 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 fill in the blank 4f897705e066006_2 fill in the blank 4f897705e066006_4 fill in the blank 4f897705e066006_6 fill in the blank 4f897705e066006_8 fill in the blank 4f897705e066006_10 fill in the blank 4f897705e066006_12 fill in the blank 4f897705e066006_14 fill in the blank 4f897705e066006_16 fill in the blank 4f897705e066006_18 fill in the blank 4f897705e066006_20 fill in the blank 4f897705e066006_22 Bal. fill in the blank 4f897705e066006_23 Accounts Receivable fill in the blank 4f897705e066006_25 Supplies fill in the blank 4f897705e066006_27 Prepaid Insurance fill in the blank 4f897705e066006_29 Automobiles fill in the blank 4f897705e066006_31 Equipment fill in the blank 4f897705e066006_33 Accounts Payable fill in the blank 4f897705e066006_35 fill in the blank 4f897705e066006_37 fill in the blank 4f897705e066006_39 Bal. fill in the blank 4f897705e066006_40 Notes Payable fill in the blank 4f897705e066006_42 fill in the blank 4f897705e066006_44 Bal. fill in the blank 4f897705e066006_45 Connie Young, Capital fill in the blank 4f897705e066006_47 Professional Fees fill in the blank 4f897705e066006_49 fill in the blank 4f897705e066006_51 Bal. fill in the blank 4f897705e066006_52 Salary Expense fill in the blank 4f897705e066006_54 Blueprint Expense fill in the blank 4f897705e066006_56 Rent Expense fill in the blank 4f897705e066006_58 Automobile Expense fill in the blank 4f897705e066006_60 Miscellaneous Expense fill in the blank 4f897705e066006_62 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 20Y4. For those boxes in which no entry is required, leave the box blank. Connie Young, Architect Unadjusted Trial Balance October 31, 20Y4 Debit Balances Credit Balances fill in the blank e564b6f85ff3033_2 fill in the blank e564b6f85ff3033_3 fill in the blank e564b6f85ff3033_5 fill in the blank e564b6f85ff3033_6 fill in the blank e564b6f85ff3033_8 fill in the blank e564b6f85ff3033_9 fill in the blank e564b6f85ff3033_11 fill in the blank e564b6f85ff3033_12 fill in the blank e564b6f85ff3033_14 fill in the blank e564b6f85ff3033_15 fill in the blank e564b6f85ff3033_17 fill in the blank e564b6f85ff3033_18 fill in the blank e564b6f85ff3033_20 fill in the blank e564b6f85ff3033_21 fill in the blank e564b6f85ff3033_23 fill in the blank e564b6f85ff3033_24 fill in the blank e564b6f85ff3033_26 fill in the blank e564b6f85ff3033_27 fill in the blank e564b6f85ff3033_29 fill in the blank e564b6f85ff3033_30 fill in the blank e564b6f85ff3033_32 fill in the blank e564b6f85ff3033_33 fill in the blank e564b6f85ff3033_35 fill in the blank e564b6f85ff3033_36 fill in the blank e564b6f85ff3033_38 fill in the blank e564b6f85ff3033_39 fill in the blank e564b6f85ff3033_41 fill in the blank e564b6f85ff3033_42 fill in the blank e564b6f85ff3033_44 fill in the blank e564b6f85ff3033_45 fill in the blank e564b6f85ff3033_46 fill in the blank e564b6f85ff3033_47
Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $63,900. Paid October rent for office and workroom, $6,400. Purchased used automobile for $42,000, paying $9,600 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $12,800. Paid cash for supplies, $3,070. Paid cash for annual insurance policies, $4,300. Received cash from client for plans delivered, $16,000. Paid cash for miscellaneous expenses, $1,720. Paid cash to creditors on account, $3,710. Paid $510 on note payable. Received invoice for blueprint service, due in November, $2,100. Recorded fees earned on plans delivered, payment to be received in November, $11,100. Paid salary of assistants, $3,400. Paid gas, oil, and repairs on automobile for October, $830. 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 fill in the blank 4f897705e066006_2 fill in the blank 4f897705e066006_4 fill in the blank 4f897705e066006_6 fill in the blank 4f897705e066006_8 fill in the blank 4f897705e066006_10 fill in the blank 4f897705e066006_12 fill in the blank 4f897705e066006_14 fill in the blank 4f897705e066006_16 fill in the blank 4f897705e066006_18 fill in the blank 4f897705e066006_20 fill in the blank 4f897705e066006_22 Bal. fill in the blank 4f897705e066006_23 Accounts Receivable fill in the blank 4f897705e066006_25 Supplies fill in the blank 4f897705e066006_27 Prepaid Insurance fill in the blank 4f897705e066006_29 Automobiles fill in the blank 4f897705e066006_31 Equipment fill in the blank 4f897705e066006_33 Accounts Payable fill in the blank 4f897705e066006_35 fill in the blank 4f897705e066006_37 fill in the blank 4f897705e066006_39 Bal. fill in the blank 4f897705e066006_40 Notes Payable fill in the blank 4f897705e066006_42 fill in the blank 4f897705e066006_44 Bal. fill in the blank 4f897705e066006_45 Connie Young, Capital fill in the blank 4f897705e066006_47 Professional Fees fill in the blank 4f897705e066006_49 fill in the blank 4f897705e066006_51 Bal. fill in the blank 4f897705e066006_52 Salary Expense fill in the blank 4f897705e066006_54 Blueprint Expense fill in the blank 4f897705e066006_56 Rent Expense fill in the blank 4f897705e066006_58 Automobile Expense fill in the blank 4f897705e066006_60 Miscellaneous Expense fill in the blank 4f897705e066006_62 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 20Y4. For those boxes in which no entry is required, leave the box blank. Connie Young, Architect Unadjusted Trial Balance October 31, 20Y4 Debit Balances Credit Balances fill in the blank e564b6f85ff3033_2 fill in the blank e564b6f85ff3033_3 fill in the blank e564b6f85ff3033_5 fill in the blank e564b6f85ff3033_6 fill in the blank e564b6f85ff3033_8 fill in the blank e564b6f85ff3033_9 fill in the blank e564b6f85ff3033_11 fill in the blank e564b6f85ff3033_12 fill in the blank e564b6f85ff3033_14 fill in the blank e564b6f85ff3033_15 fill in the blank e564b6f85ff3033_17 fill in the blank e564b6f85ff3033_18 fill in the blank e564b6f85ff3033_20 fill in the blank e564b6f85ff3033_21 fill in the blank e564b6f85ff3033_23 fill in the blank e564b6f85ff3033_24 fill in the blank e564b6f85ff3033_26 fill in the blank e564b6f85ff3033_27 fill in the blank e564b6f85ff3033_29 fill in the blank e564b6f85ff3033_30 fill in the blank e564b6f85ff3033_32 fill in the blank e564b6f85ff3033_33 fill in the blank e564b6f85ff3033_35 fill in the blank e564b6f85ff3033_36 fill in the blank e564b6f85ff3033_38 fill in the blank e564b6f85ff3033_39 fill in the blank e564b6f85ff3033_41 fill in the blank e564b6f85ff3033_42 fill in the blank e564b6f85ff3033_44 fill in the blank e564b6f85ff3033_45 fill in the blank e564b6f85ff3033_46 fill in the blank e564b6f85ff3033_47
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Entries into T Accounts and
Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice:
- Transferred cash from a personal bank account to an account to be used for the business, $63,900.
- Paid October rent for office and workroom, $6,400.
- Purchased used automobile for $42,000, paying $9,600 cash and giving a note payable for the remainder.
- Purchased office and computer equipment on account, $12,800.
- Paid cash for supplies, $3,070.
- Paid cash for annual insurance policies, $4,300.
- Received cash from client for plans delivered, $16,000.
- Paid cash for miscellaneous expenses, $1,720.
- Paid cash to creditors on account, $3,710.
- Paid $510 on note payable.
- Received invoice for blueprint service, due in November, $2,100.
- Recorded fees earned on plans delivered, payment to be received in November, $11,100.
- Paid salary of assistants, $3,400.
- Paid gas, oil, and repairs on automobile for October, $830.
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 | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_2 | fill in the blank 4f897705e066006_4 | ||
| fill in the blank 4f897705e066006_6 | fill in the blank 4f897705e066006_8 | ||
| fill in the blank 4f897705e066006_10 | |||
| fill in the blank 4f897705e066006_12 | |||
| fill in the blank 4f897705e066006_14 | |||
| fill in the blank 4f897705e066006_16 | |||
| fill in the blank 4f897705e066006_18 | |||
| fill in the blank 4f897705e066006_20 | |||
| fill in the blank 4f897705e066006_22 | |||
| Bal. | fill in the blank 4f897705e066006_23 |
| fill in the blank 4f897705e066006_25 |
| Supplies | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_27 |
| Prepaid Insurance | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_29 |
| Automobiles | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_31 |
| Equipment | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_33 |
| Accounts Payable | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_35 | fill in the blank 4f897705e066006_37 | ||
| fill in the blank 4f897705e066006_39 | |||
| Bal. | fill in the blank 4f897705e066006_40 |
| Notes Payable | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_42 | fill in the blank 4f897705e066006_44 | ||
| Bal. | fill in the blank 4f897705e066006_45 |
| Connie Young, Capital | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_47 |
| Professional Fees | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_49 | |||
| fill in the blank 4f897705e066006_51 | |||
| Bal. | fill in the blank 4f897705e066006_52 |
| Salary Expense | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_54 |
| Blueprint Expense | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_56 |
| Rent Expense | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_58 |
| Automobile Expense | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_60 |
| Miscellaneous Expense | |||
|---|---|---|---|
| fill in the blank 4f897705e066006_62 |
3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 20Y4. For those boxes in which no entry is required, leave the box blank.
| Connie Young, Architect | ||
| Unadjusted Trial Balance | ||
| October 31, 20Y4 | ||
| Debit Balances |
Credit Balances |
|
| fill in the blank e564b6f85ff3033_2 | fill in the blank e564b6f85ff3033_3 | |
| fill in the blank e564b6f85ff3033_5 | fill in the blank e564b6f85ff3033_6 | |
| fill in the blank e564b6f85ff3033_8 | fill in the blank e564b6f85ff3033_9 | |
| fill in the blank e564b6f85ff3033_11 | fill in the blank e564b6f85ff3033_12 | |
| fill in the blank e564b6f85ff3033_14 | fill in the blank e564b6f85ff3033_15 | |
| fill in the blank e564b6f85ff3033_17 | fill in the blank e564b6f85ff3033_18 | |
| fill in the blank e564b6f85ff3033_20 | fill in the blank e564b6f85ff3033_21 | |
| fill in the blank e564b6f85ff3033_23 | fill in the blank e564b6f85ff3033_24 | |
| fill in the blank e564b6f85ff3033_26 | fill in the blank e564b6f85ff3033_27 | |
| fill in the blank e564b6f85ff3033_29 | fill in the blank e564b6f85ff3033_30 | |
| fill in the blank e564b6f85ff3033_32 | fill in the blank e564b6f85ff3033_33 | |
| fill in the blank e564b6f85ff3033_35 | fill in the blank e564b6f85ff3033_36 | |
| fill in the blank e564b6f85ff3033_38 | fill in the blank e564b6f85ff3033_39 | |
| fill in the blank e564b6f85ff3033_41 | fill in the blank e564b6f85ff3033_42 | |
| fill in the blank e564b6f85ff3033_44 | fill in the blank e564b6f85ff3033_45 | |
| fill in the blank e564b6f85ff3033_46 | fill in the blank e564b6f85ff3033_47 |
4. Determine the net income or net loss for October.
$fill in the blank c57d4dfadfa5fb9_2
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