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Entries into T Accounts and Trial Balance Leila Durkin, an architect, opened an offic
Entries into T Accounts and Trial Balance
Leila Durkin, an architect, opened an office on May 1, 2012. 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, $30,000. Paid May rent for office and workroom, $3,500. Purchased used automobile for $25,000, paying $5,000 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,000. Paid cash for supplies, $1,200. Paid cash for annual insurance policies, $2,400. Received cash from client for plans delivered, $8,150. Paid cash for miscellaneous expenses, $300. Paid cash to creditors on account, $2,500. Paid installment due on note payable, $400. Received invoice for blueprint service, due in June, $1,200. Recorded fee earned on plans delivered, payment to be received in June, $12,900. Paid salary of assistant, $1,800. Paid gas, oil, and repairs on automobile for May, $600. 1. Record the above transactions directly into the T accounts. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 2. Determine the balances of the T accounts. |
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