Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. Dur
ID: 2330855 • Letter: M
Question
Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:
T Accounts
1. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Common Stock; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. To the left of the 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.
Unadjusted Trial Balance
3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018.
Knaus Architects
UNADJUSTED TRIAL BALANCE
January 31, 2018
1
Cash
2
Accounts Receivable
3
Supplies
4
Prepaid Insurance
5
Automobiles
6
Equipment
7
Notes Payable
8
Accounts Payable
9
Common Stock
10
Professional Fees
11
Salary Expense
12
Blueprint Expense
13
Rent Expense
14
Automobile Expense
15
Miscellaneous Expense
16
Totals
Final Question
4. Determine the net income or net loss for January.
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A. Issued common stock to Marjorie Knaus in exchange for $46,100. B. Paid January rent for office and workroom, $4,600. C. Purchased used automobile for $30,000, paying $6,900 cash and giving a note payable for the remainder. D. Purchased office and computer equipment on account, $9,200. E. Paid cash for supplies, $2,210. F. Paid cash for annual insurance policies, $3,100. G. Received cash from client for plans delivered, $11,500. H. Paid cash for miscellaneous expenses, $1,250. I. Paid cash to creditors on account, $2,670. J. Paid installment due on note payable, $370. K. Received invoice for blueprint service, due in February, $1,500. L. Recorded fees earned on plans delivered, payment to be received in August, $8,000. M. Paid salary of assistants, $2,400. N. Paid gas, oil, and repairs on automobile for July, $600.Explanation / Answer
Cash A. 46100 B. 4600 G. 11500 C. 6900 E. 2210 F. 3100 H. 1250 I. 2670 J. 370 M. 2400 N. 600 57600 24100 Bal. 33500 Accounts Receivable I. 8000 Supplies E 2210 Prepaid Insurance F 3100 Automobiles C 30000 Equipment D 9200 Notes Payable J 370 C 23100 370 23100 Bal. 22730 Accounts Payable I 2670 D 9200 K 1500 2670 10700 Bal. 8030 Common Stock A 46100 Professional Fees G 11500 L 8000 Bal. 19500 Salary Expense M 2400 Blueprint Expense K 1500 Rent Expense B 4600 Automobile Expense N 600 Miscellaneous Expense H 1250 UNADJUSTED TRIAL BALANCE January 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 33500 2 Accounts Receivable 8000 3 Supplies 2210 4 Prepaid Insurance 3100 5 Automobiles 30000 6 Equipment 9200 7 Notes Payable 22730 8 Accounts Payable 8030 9 Common Stock 46100 10 Professional Fees 19500 11 Salary Expense 2400 12 Blueprint Expense 1500 13 Rent Expense 4600 14 Automobile Expense 600 15 Miscellaneous Expense 1250 16 Totals 96360 96360 4. Determine the net income or net loss for January. INCOME SUMMARY Professional Fees 19500 Expenses: Salary Expense 2400 Blueprint Expense 1500 Rent Expense 4600 Automobile Expense 600 Miscellaneous Expense 1250 10350 Net income 9150 Note: Insurance expense for 3100/12 = 258 is to be adjusted from prepaid insurance. which has not been done as nothing is mentioned about adjustments to be made. Similarly depreciation expense and supplies expense have not been accounted for, as details are not available.
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