PR 2-1A Entries into T accounts and trial balance OBJ. 1, 2, 3, 4 Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the busi- ness, $36,000. b. Paid October rent for office and workroom, $2,400. c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. ishdag, som f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500.
PR 2-1A Entries into T accounts and trial balance OBJ. 1, 2, 3, 4 Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the busi- ness, $36,000. b. Paid October rent for office and workroom, $2,400. c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. d. Purchased office and computer equipment on account, $9,000. e. Paid cash for supplies, $2,150. ishdag, som f. Paid cash for annual insurance policies, $4,000. g. Received cash from client for plans delivered, $12,200. h. Paid cash for miscellaneous expenses, $815. i. Paid cash to creditors on account, $4,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:ting expenses
3. Operating income
b.
Comment on the results of your horizontal analysis in part (a).
C. Based upon Exercise 2-23, compare and comment on the operating results of Target
and Costco for the recent year.
lems: Series A
PR 2-1A Entries into T accounts and trial balance
OBJ. 1, 2, 3, 4
Debit
890
Connie Young, an architect, opened an office on October 1, 2019. During the month, she
completed the following transactions connected with her professional practice:
a. Transferred cash from a personal bank account to an account to be used for the busi-
ness, $36,000.
b. Paid October rent for office and workroom, $2,400.
c. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable
for the remainder.
d. Purchased office and computer equipment on account, $9,000.
e. Paid cash for supplies, $2,150.
f. Paid cash for annual insurance policies, $4,000.
g. Received cash from client for plans delivered, $12,200.
h. Paid cash for miscellaneous expenses, $815.
i. Paid cash to creditors on account, $4,500.
j. Paid $5,000 on note payable
k. Received invoice for blueprint service, due in November, $2,890.
1. Recorded fees earned on plans delivered, payment to be received in November, $18,300.
m. Paid salary of assistants, $6,450.
n. Paid gas, oil, and repairs on automobile for October, $1,020.
Instructions
1. Record these transactions directly in the following T accounts, without journalizing: Cash;
Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts
Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blue-
print Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. To the left of
the amount entered in the accounts, place 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.
3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019.
4. Determine the net income or net loss for October.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 15 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education