Entries into T accounts and Trial Balance Connie Young, an architect, opened an
ID: 2336392 • Letter: E
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Entries into T accounts and 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: a. Transferred cash from a personal bank account to an account to be used for the business, $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. L 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 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; Accounts Payable; Notes Payable: Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; s 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.Explanation / Answer
Cash Connie Young Capital Debit Credit Debit Credit a. 36000 a. 36000 b. 2400 c/d 36000 c. 7800 36000 36000 e. 2150 b/d 36000 f. 4000 g. 12200 h. 815 i. 4500 j. 5000 m. 6450 n. 1020 c/d 14065 48200 48200 b/d 14065 Rent Expense Automobiles Note Payable Debit Credit Debit Credit Debit Credit b. 2400 c. 32800 c. 25000 c/d 2400 c/d 32800 j. 5000 2400 2400 32800 32800 c/d 20000 b/d 2400 b/d 32800 25000 25000 b/d 20000 Equipment Account payable Supplies Debit Credit Debit Credit Debit Credit d. 9000 d. 9000 e. 2150 c/d 9000 i. 4500 c/d 2150 9000 9000 k. 2890 2150 2150 b/d 9000 c/d 7390 b/d 2150 11890 11890 b/d 7390 Prepaid Insurance Professional Fees Miscellaneous Expense Debit Credit Debit Credit Debit Credit f. 4000 g. 12200 h. 815 c/d 4000 l. 18300 c/d 815 4000 4000 c/d 30500 815 815 b/d 4000 30500 30500 b/d 815 Blueprint Expense Account Receivable Salary expense Debit Credit Debit Credit Debit Credit k. 2890 l. 18300 m. 6450 c/d 2890 c/d 18300 c/d 6450 2890 2890 18300 18300 6450 6450 b/d 2890 b/d 18300 b/d 6450 Automobile expense Debit Credit n. 1020 c/d 1020 1020 1020 b/d 1020 Connie Young 2.. Trial Balance as at Oct.31,2019 Debit Credit Cash 14065 Account Receivable 18300 Supplies 2150 Prepaid Insurance 4000 Automobiles 32800 Equipment 9000 Account payable 7390 Note Payable 20000 Connie Young Capital 36000 Professional Fees 30500 Blueprint Expense 2890 Rent Expense 2400 Salary expense 6450 Automobile expense 1020 Miscellaneous Expense 815 Totals 93890 93890
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