Entries into T chitect, opened an office on October i. 2019. During the month, s

Question

Entries into T chitect, opened an office on October i. 2019. During the month, she completed the following transactions connected with her professional practice 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 payatle for the remaindes office and computer equipment on account, $9,000. e. Paid cash for f. Paid cash for annual insurance policies, $4,0o0. ed, $12,200, h. Paid cash for i. Paid cash to . Paid $5,000 on note payable. account, $4,500 $2,890. I. Recorded fees earned on plans delivered, payment to be received in November, $18,300 n, Paid gas, oil, and repairs on automobile for October, 1,020. 1. Record the above transactions (in chronological order) directly in the following T accounts, without journalicing. Cash; Accounts Receivable; Supplies: Prepaid Insurance: Automobiles; Equipment: Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense 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 To the KP All work saved.

Explanation / Answer

Answer 1 & 2. Cash Accounts Receivable Supplies a.          36,000            2,400 b. l.          18,300 e.          2,150 g.          12,200            7,800 c.            2,150 e.            4,000 f.                815 h.            4,500 i.            5,000 j.            6,450 m.            1,020 n. End. Bal.          14,065 End. Bal.          18,300 End. Bal.          2,150 Prepaid Insurance Automobiles Equipment f.            4,000 c.          32,800 d.          9,000 End. Bal.            4,000 End. Bal.          32,800 End. Bal.          9,000 Accounts Payable Notes Payable Connie Young, Capital i.            4,500            9,000 d. j.            5,000          25,000 c.          36,000 a.            2,890 k. End Bal            7,390 End Bal          20,000 End Bal          36,000 Professional Fees Salary Expenses Blueprint Expenses          12,200 g. m.            6,450 k.          2,890          18,300 l. End Bal          30,500 End. Bal.            6,450 End. Bal.          2,890 Rent Expenses Automobile Expenses Misc. Expenses b.            2,400 n.            1,020 h.             815 End. Bal.            2,400 End. Bal.            1,020 End. Bal.             815

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