PR.02-02A.BLANKSHEET PR.02-03A.BLANKSHEET EX.02-07.BLANKSHEET EX.02-15 EX.02-13 PR.02-01A EX.02-16 EX.02-09.BLANKSHEET EX.02-14.BLANKSHEET EX.02-04 Hide or show questions Progress:6/10 items eBook 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: Transferred cash from a personal bank account to an account to be used for the business, $36,000. Paid October rent for office and workroom, $2,400. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,000. Paid cash for supplies, $2,150. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $12,200. Paid cash for miscellaneous expenses, $815. Paid cash to creditors on account, $4,500. Paid $5,000 on note payable. Received invoice for blueprint service, due in November, $2,890. Recorded fees earned on plans delivered, payment to be received in November, $18,300. Paid salary of assistants, $6,450. 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; 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 fill in the blank 03e6c2f7c037fe3_2 fill in the blank 03e6c2f7c037fe3_4 fill in the blank 03e6c2f7c037fe3_6 fill in the blank 03e6c2f7c037fe3_8 fill in the blank 03e6c2f7c037fe3_10 fill in the blank 03e6c2f7c037fe3_12 fill in the blank 03e6c2f7c037fe3_14 fill in the blank 03e6c2f7c037fe3_16 fill in the blank 03e6c2f7c037fe3_18 fill in the blank 03e6c2f7c037fe3_20 fill in the blank 03e6c2f7c037fe3_22 Bal. fill in the blank 03e6c2f7c037fe3_23 Accounts Receivable fill in the blank 03e6c2f7c037fe3_25 Supplies fill in the blank 03e6c2f7c037fe3_27 Prepaid Insurance fill in the blank 03e6c2f7c037fe3_29 Automobiles fill in the blank 03e6c2f7c037fe3_31 Equipment fill in the blank 03e6c2f7c037fe3_33 Accounts Payable fill in the blank 03e6c2f7c037fe3_35 fill in the blank 03e6c2f7c037fe3_37 fill in the blank 03e6c2f7c037fe3_39 Bal. fill in the blank 03e6c2f7c037fe3_40 Notes Payable fill in the blank 03e6c2f7c037fe3_42 fill in the blank 03e6c2f7c037fe3_44 Bal. fill in the blank 03e6c2f7c037fe3_45 Connie Young, Capital fill in the blank 03e6c2f7c037fe3_47 Professional Fees fill in the blank 03e6c2f7c037fe3_49 fill in the blank 03e6c2f7c037fe3_51 Bal. fill in the blank 03e6c2f7c037fe3_52 Salary Expense fill in the blank 03e6c2f7c037fe3_54 Blueprint Expense fill in the blank 03e6c2f7c037fe3_56 Rent Expense fill in the blank 03e6c2f7c037fe3_58 Automobile Expense fill in the blank 03e6c2f7c037fe3_60 Miscellaneous Expense fill in the blank 03e6c2f7c037fe3_62 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. If an amount box does not require an entry, leave it blank. Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit Balances Credit Balances fill in the blank 4c974801dfb403c_2 fill in the blank 4c974801dfb403c_3 fill in the blank 4c974801dfb403c_5 fill in the blank 4c974801dfb403c_6 fill in the blank 4c974801dfb403c_8 fill in the blank 4c974801dfb403c_9 fill in the blank 4c974801dfb403c_11 fill in the blank 4c974801dfb403c_12 fill in the blank 4c974801dfb403c_14 fill in the blank 4c974801dfb403c_15 fill in the blank 4c974801dfb403c_17 fill in the blank 4c974801dfb403c_18 fill in the blank 4c974801dfb403c_20 fill in the blank 4c974801dfb403c_21 fill in the blank 4c974801dfb403c_23 fill in the blank 4c974801dfb403c_24 fill in the blank 4c974801dfb403c_26 fill in the blank 4c974801dfb403c_27 fill in the blank 4c974801dfb403c_29 fill in the blank 4c974801dfb403c_30 fill in the blank 4c974801dfb403c_32 fill in the blank 4c974801dfb403c_33 fill in the blank 4c974801dfb403c_35 fill in the blank 4c974801dfb403c_36 fill in the blank 4c974801dfb403c_38 fill in the blank 4c974801dfb403c_39 fill in the blank 4c974801dfb403c_41 fill in the blank 4c974801dfb403c_42 fill in the blank 4c974801dfb403c_44 fill in the blank 4c974801dfb403c_45 fill in the blank 4c974801dfb403c_46 fill in the blank 4c974801dfb403c_47
PR.02-02A.BLANKSHEET PR.02-03A.BLANKSHEET EX.02-07.BLANKSHEET EX.02-15 EX.02-13 PR.02-01A EX.02-16 EX.02-09.BLANKSHEET EX.02-14.BLANKSHEET EX.02-04 Hide or show questions Progress:6/10 items eBook 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: Transferred cash from a personal bank account to an account to be used for the business, $36,000. Paid October rent for office and workroom, $2,400. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,000. Paid cash for supplies, $2,150. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $12,200. Paid cash for miscellaneous expenses, $815. Paid cash to creditors on account, $4,500. Paid $5,000 on note payable. Received invoice for blueprint service, due in November, $2,890. Recorded fees earned on plans delivered, payment to be received in November, $18,300. Paid salary of assistants, $6,450. 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; 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 fill in the blank 03e6c2f7c037fe3_2 fill in the blank 03e6c2f7c037fe3_4 fill in the blank 03e6c2f7c037fe3_6 fill in the blank 03e6c2f7c037fe3_8 fill in the blank 03e6c2f7c037fe3_10 fill in the blank 03e6c2f7c037fe3_12 fill in the blank 03e6c2f7c037fe3_14 fill in the blank 03e6c2f7c037fe3_16 fill in the blank 03e6c2f7c037fe3_18 fill in the blank 03e6c2f7c037fe3_20 fill in the blank 03e6c2f7c037fe3_22 Bal. fill in the blank 03e6c2f7c037fe3_23 Accounts Receivable fill in the blank 03e6c2f7c037fe3_25 Supplies fill in the blank 03e6c2f7c037fe3_27 Prepaid Insurance fill in the blank 03e6c2f7c037fe3_29 Automobiles fill in the blank 03e6c2f7c037fe3_31 Equipment fill in the blank 03e6c2f7c037fe3_33 Accounts Payable fill in the blank 03e6c2f7c037fe3_35 fill in the blank 03e6c2f7c037fe3_37 fill in the blank 03e6c2f7c037fe3_39 Bal. fill in the blank 03e6c2f7c037fe3_40 Notes Payable fill in the blank 03e6c2f7c037fe3_42 fill in the blank 03e6c2f7c037fe3_44 Bal. fill in the blank 03e6c2f7c037fe3_45 Connie Young, Capital fill in the blank 03e6c2f7c037fe3_47 Professional Fees fill in the blank 03e6c2f7c037fe3_49 fill in the blank 03e6c2f7c037fe3_51 Bal. fill in the blank 03e6c2f7c037fe3_52 Salary Expense fill in the blank 03e6c2f7c037fe3_54 Blueprint Expense fill in the blank 03e6c2f7c037fe3_56 Rent Expense fill in the blank 03e6c2f7c037fe3_58 Automobile Expense fill in the blank 03e6c2f7c037fe3_60 Miscellaneous Expense fill in the blank 03e6c2f7c037fe3_62 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. If an amount box does not require an entry, leave it blank. Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit Balances Credit Balances fill in the blank 4c974801dfb403c_2 fill in the blank 4c974801dfb403c_3 fill in the blank 4c974801dfb403c_5 fill in the blank 4c974801dfb403c_6 fill in the blank 4c974801dfb403c_8 fill in the blank 4c974801dfb403c_9 fill in the blank 4c974801dfb403c_11 fill in the blank 4c974801dfb403c_12 fill in the blank 4c974801dfb403c_14 fill in the blank 4c974801dfb403c_15 fill in the blank 4c974801dfb403c_17 fill in the blank 4c974801dfb403c_18 fill in the blank 4c974801dfb403c_20 fill in the blank 4c974801dfb403c_21 fill in the blank 4c974801dfb403c_23 fill in the blank 4c974801dfb403c_24 fill in the blank 4c974801dfb403c_26 fill in the blank 4c974801dfb403c_27 fill in the blank 4c974801dfb403c_29 fill in the blank 4c974801dfb403c_30 fill in the blank 4c974801dfb403c_32 fill in the blank 4c974801dfb403c_33 fill in the blank 4c974801dfb403c_35 fill in the blank 4c974801dfb403c_36 fill in the blank 4c974801dfb403c_38 fill in the blank 4c974801dfb403c_39 fill in the blank 4c974801dfb403c_41 fill in the blank 4c974801dfb403c_42 fill in the blank 4c974801dfb403c_44 fill in the blank 4c974801dfb403c_45 fill in the blank 4c974801dfb403c_46 fill in the blank 4c974801dfb403c_47
Chapter3: Setting Up A New Company
Section: Chapter Questions
Problem 1.5C
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
- PR.02-02A.BLANKSHEET
- PR.02-03A.BLANKSHEET
- EX.02-07.BLANKSHEET
- EX.02-15
- EX.02-13
- PR.02-01A
- EX.02-16
- EX.02-09.BLANKSHEET
- EX.02-14.BLANKSHEET
- EX.02-04
Progress:6/10 items
-
eBook
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:
- Transferred cash from a personal bank account to an account to be used for the business, $36,000.
- Paid October rent for office and workroom, $2,400.
- Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.
- Purchased office and computer equipment on account, $9,000.
- Paid cash for supplies, $2,150.
- Paid cash for annual insurance policies, $4,000.
- Received cash from client for plans delivered, $12,200.
- Paid cash for miscellaneous expenses, $815.
- Paid cash to creditors on account, $4,500.
- Paid $5,000 on note payable.
- Received invoice for blueprint service, due in November, $2,890.
- Recorded fees earned on plans delivered, payment to be received in November, $18,300.
- Paid salary of assistants, $6,450.
- 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; 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 fill in the blank 03e6c2f7c037fe3_2 fill in the blank 03e6c2f7c037fe3_4 fill in the blank 03e6c2f7c037fe3_6 fill in the blank 03e6c2f7c037fe3_8 fill in the blank 03e6c2f7c037fe3_10 fill in the blank 03e6c2f7c037fe3_12 fill in the blank 03e6c2f7c037fe3_14 fill in the blank 03e6c2f7c037fe3_16 fill in the blank 03e6c2f7c037fe3_18 fill in the blank 03e6c2f7c037fe3_20 fill in the blank 03e6c2f7c037fe3_22 Bal. fill in the blank 03e6c2f7c037fe3_23
Accounts Receivable fill in the blank 03e6c2f7c037fe3_25
Supplies fill in the blank 03e6c2f7c037fe3_27
Prepaid Insurance fill in the blank 03e6c2f7c037fe3_29
Automobiles fill in the blank 03e6c2f7c037fe3_31
Equipment fill in the blank 03e6c2f7c037fe3_33
Accounts Payable fill in the blank 03e6c2f7c037fe3_35 fill in the blank 03e6c2f7c037fe3_37 fill in the blank 03e6c2f7c037fe3_39 Bal. fill in the blank 03e6c2f7c037fe3_40
Notes Payable fill in the blank 03e6c2f7c037fe3_42 fill in the blank 03e6c2f7c037fe3_44 Bal. fill in the blank 03e6c2f7c037fe3_45
Connie Young, Capital fill in the blank 03e6c2f7c037fe3_47
Professional Fees fill in the blank 03e6c2f7c037fe3_49 fill in the blank 03e6c2f7c037fe3_51 Bal. fill in the blank 03e6c2f7c037fe3_52
Salary Expense fill in the blank 03e6c2f7c037fe3_54
Blueprint Expense fill in the blank 03e6c2f7c037fe3_56
Rent Expense fill in the blank 03e6c2f7c037fe3_58
Automobile Expense fill in the blank 03e6c2f7c037fe3_60
Miscellaneous Expense fill in the blank 03e6c2f7c037fe3_62 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. If an amount box does not require an entry, leave it blank.
Connie Young, Architect Unadjusted Trial Balance October 31, 2019 Debit
BalancesCredit
Balancesfill in the blank 4c974801dfb403c_2 fill in the blank 4c974801dfb403c_3 fill in the blank 4c974801dfb403c_5 fill in the blank 4c974801dfb403c_6 fill in the blank 4c974801dfb403c_8 fill in the blank 4c974801dfb403c_9 fill in the blank 4c974801dfb403c_11 fill in the blank 4c974801dfb403c_12 fill in the blank 4c974801dfb403c_14 fill in the blank 4c974801dfb403c_15 fill in the blank 4c974801dfb403c_17 fill in the blank 4c974801dfb403c_18 fill in the blank 4c974801dfb403c_20 fill in the blank 4c974801dfb403c_21 fill in the blank 4c974801dfb403c_23 fill in the blank 4c974801dfb403c_24 fill in the blank 4c974801dfb403c_26 fill in the blank 4c974801dfb403c_27 fill in the blank 4c974801dfb403c_29 fill in the blank 4c974801dfb403c_30 fill in the blank 4c974801dfb403c_32 fill in the blank 4c974801dfb403c_33 fill in the blank 4c974801dfb403c_35 fill in the blank 4c974801dfb403c_36 fill in the blank 4c974801dfb403c_38 fill in the blank 4c974801dfb403c_39 fill in the blank 4c974801dfb403c_41 fill in the blank 4c974801dfb403c_42 fill in the blank 4c974801dfb403c_44 fill in the blank 4c974801dfb403c_45 fill in the blank 4c974801dfb403c_46 fill in the blank 4c974801dfb403c_47
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 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you