Entries into T accounts and Trial Balance Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $47,800. Purchased used automobile for $31,000, paying $7,200 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $4,800. Paid cash for supplies, $2,290. Purchased office and computer equipment on account, $9,600. Paid cash for annual insurance policies on automobile and equipment, $3,200. Received cash from a client for plans delivered, $12,000. Paid cash to creditors on account, $2,770. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $1,600. Recorded fees earned on plans delivered, payment to be received in May, $8,300. Paid salary of assistant, $2,500. Paid cash for miscellaneous expenses, $1,290. Paid installment due on note payable, $380. Paid gas, oil, and repairs on automobile for April, $620. 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 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. Rent Expense Salary Expense Blueprint Expense Automobile Expense Miscellaneous Expense Bal. 3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 20Y2. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. Jones Architects Unadjusted Trial Balance April 30, 20Y2 Debit Balances Credit Balances 4. Determine the net income or net loss for April.

Entries into T accounts and Trial Balance Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $47,800. Purchased used automobile for $31,000, paying $7,200 cash and giving a note payable for the remainder. Paid April rent for office and workroom, $4,800. Paid cash for supplies, $2,290. Purchased office and computer equipment on account, $9,600. Paid cash for annual insurance policies on automobile and equipment, $3,200. Received cash from a client for plans delivered, $12,000. Paid cash to creditors on account, $2,770. Paid cash for miscellaneous expenses, $375. Received invoice for blueprint service, due in May, $1,600. Recorded fees earned on plans delivered, payment to be received in May, $8,300. Paid salary of assistant, $2,500. Paid cash for miscellaneous expenses, $1,290. Paid installment due on note payable, $380. Paid gas, oil, and repairs on automobile for April, $620. 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 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. Rent Expense Salary Expense Blueprint Expense Automobile Expense Miscellaneous Expense Bal. 3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 20Y2. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. Jones Architects Unadjusted Trial Balance April 30, 20Y2 Debit Balances Credit Balances 4. Determine the net income or net loss for April.

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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Entries into T accounts and Trial Balance

Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions:

Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $47,800.
Purchased used automobile for $31,000, paying $7,200 cash and giving a note payable for the remainder.
Paid April rent for office and workroom, $4,800.
Paid cash for supplies, $2,290.
Purchased office and computer equipment on account, $9,600.
Paid cash for annual insurance policies on automobile and equipment, $3,200.
Received cash from a client for plans delivered, $12,000.
Paid cash to creditors on account, $2,770.
Paid cash for miscellaneous expenses, $375.
Received invoice for blueprint service, due in May, $1,600.
Recorded fees earned on plans delivered, payment to be received in May, $8,300.
Paid salary of assistant, $2,500.
Paid cash for miscellaneous expenses, $1,290.
Paid installment due on note payable, $380.
Paid gas, oil, and repairs on automobile for April, $620.

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 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.

Rent Expense

Salary Expense

Blueprint Expense

Automobile Expense

Miscellaneous Expense


Bal.

3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 20Y2. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.

Jones Architects
Unadjusted Trial Balance
April 30, 20Y2
	Debit Balances	Credit Balances

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

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