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.Instructions1. 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; Blueprint 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.

Question
Asked Dec 2, 2019
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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.

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; Blueprint 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.

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Cash Account Credit (S) Explanation Ref. Debit (S) 36,000 Balance (S) 36,000 33,600 25,800 23,650 19,650 31,850 31,035 26,535 21,535 15,085 14,065 Company Y capital Rent Automobile Supplies Prepaid Insurance Professional Fees Miscellaneous Expense Account Payable Note Payable Salary Expense Automobile Expense 2,400 7,800 2,150 4.000 12,200 815 4.500 5,000 6,450 1,020 Thus, the cash balance is $14,065 Rent Account Ref. Debit (S) Explanation Credit (S) $2400 Balance (S) Cash Thus, the rent balance is $2400 Automobile Account Ref. Debit (S) $32,800 Credit ($) Explanation Balance (S) Cash Thus, the automobile balance is $32,800 Equipment Account Ref. Debit (S) $9,000 Credit (S) Balance (S) Explanation Cash Thus, the equipment balance is $9,000.

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Account Payable Account Debit (S) Credit (S) $9,000 Balance (S) $9,000 $4,500 $7.390 Ref Explanation Equipment Cash Blueprint Expense $4,500 $2.890 Thus, the account payable balance is $7,390 Supplies Account Ref. Debit (S) $2,150 Credit (S) Balance (S) Explanation Cash Thus, the supplies balance is $2,150. Prepaid Insurance Account Explanation Ref. Debit (S) $4,000 Credit (S) Balance (S) Cash Thus, the prepaid insurance balance is $4,000 Professional Fees Account Explanation Debit (S) Credit (S) $12,200 $18,300 Balance (S) $12,200 $30,500 Ref. Cash Account Receivable Thus, the Professional fees balance is $30,500 Account Receivable Account Debit (S) $18.300 Explanation Credit ($) Balance (S) Ref. Professional fees Thus, the account receivable balance is $18,300

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