Entries into T accounts and Trial Balance Ken Jones, an architect, organized Jon

Question

Entries into T accounts and Trial Balance

Ken Jones, an architect, organized Jones Architects on April 1, 2018. During the month, Jones Architects completed the following transactions:

Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $18,000.

Purchased used automobile for $19,500, paying $2,500 cash and giving a note payable for the remainder.

Paid April rent for office and workroom, $3,150.

Paid cash for supplies, $1,450.

Purchased office and computer equipment on account, $6,500.

Paid cash for annual insurance policies on automobile and equipment, $2,400.

Received cash from a client for plans delivered, $12,000.

Paid cash to creditors on account, $1,800.

Paid cash for miscellaneous expenses, $375.

Received invoice for blueprint service, due in May, $2,500.

Recorded fees earned on plans delivered, payment to be received in May, $15,650.

Paid salary of assistant, $2,800.

Paid cash for miscellaneous expenses, $200.

Paid installment due on note payable, $300.

Paid gas, oil, and repairs on automobile for April, $550.

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, Notes Payable, Accounts Payable, Common Stock, Professional Fees, Rent Expense, Salary Expense, Blueprint 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.

3. Prepare an unadjusted trial balance for Jones Architects as of April 30, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.

4. Determine the net income or net loss for April.
   $

Cash a. g. g. c. d. f. h. i. l. m. n. o. Bal.

Explanation / Answer

Trial balance

T- Accounts

particulars

Debit

credit

Cash

cash

14475

common stock

18000

automobile

2500

Accounts Receivable

15650

preofessional fee

12000

rent expense

3150

Supplies

1450

supplies

1450

Prepaid Insurance

2400

prepaid insurance

2400

Automobiles

19500

accounts payable

1800

Equipment

6500

miscellaneous expense

375

Notes Payable

16700

salary expense

2800

Accounts Payable

7200

miscellaneous expense

200

Common Stock

18000

notes payable

300

Professional Fees

27650

automobile expense

550

Rent Expense

3150

Bal.

14475

Salary Expense

2800

Accounts Receivable

Blueprint Expense

2500

fee earned

15650

bal

15650

Automobile Expense

550

Supplies

Miscellaneous Expense

575

cash

1450

bal

1450

total

69550

69550

Prepaid Insurance

cash

2400

balance

2400

income statement

Automobiles

Professional Fees

27650

notes payable

17000

less expenses

9575

cash

2500

balance

19500

Rent Expense

3150

Equipment

Salary Expense

2800

accounts payable

6500

balance

6500

Blueprint Expense

2500

Notes Payable

Automobile Expense

550

cash

300

automobile

17000

Miscellaneous Expense

575

balance

16700

net income

18075

Accounts Payable

cash

1800

equipment

6500

blueprint expense

2500

Bal.

7200

Common Stock

balance

18000

cash

18000

Professional Fees

cash

12000

fee earned

15650

Bal.

27650

Rent Expense

cash

3150

balance

3150

Salary Expense

cash

2800

balance

2800

Blueprint Expense

accounts payable

2500

balance

2500

Automobile Expense

cash

550

balance

550

Miscellaneous Expense

cash

375

cash

200

Bal.

balance

575

Trial balance

T- Accounts

particulars

Debit

credit

Cash

cash

14475

common stock

18000

automobile

2500

Accounts Receivable

15650

preofessional fee

12000

rent expense

3150

Supplies

1450

supplies

1450

Prepaid Insurance

2400

prepaid insurance

2400

Automobiles

19500

accounts payable

1800

Equipment

6500

miscellaneous expense

375

Notes Payable

16700

salary expense

2800

Accounts Payable

7200

miscellaneous expense

200

Common Stock

18000

notes payable

300

Professional Fees

27650

automobile expense

550

Rent Expense

3150

Bal.

14475

Salary Expense

2800

Accounts Receivable

Blueprint Expense

2500

fee earned

15650

bal

15650

Automobile Expense

550

Supplies

Miscellaneous Expense

575

cash

1450

bal

1450

total

69550

69550

Prepaid Insurance

cash

2400

balance

2400

income statement

Automobiles

Professional Fees

27650

notes payable

17000

less expenses

9575

cash

2500

balance

19500

Rent Expense

3150

Equipment

Salary Expense

2800

accounts payable

6500

balance

6500

Blueprint Expense

2500

Notes Payable

Automobile Expense

550

cash

300

automobile

17000

Miscellaneous Expense

575

balance

16700

net income

18075

Accounts Payable

cash

1800

equipment

6500

blueprint expense

2500

Bal.

7200

Common Stock

balance

18000

cash

18000

Professional Fees

cash

12000

fee earned

15650

Bal.

27650

Rent Expense

cash

3150

balance

3150

Salary Expense

cash

2800

balance

2800

Blueprint Expense

accounts payable

2500

balance

2500

Automobile Expense

cash

550

balance

550

Miscellaneous Expense

cash

375

cash

200

Bal.

balance

575

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