Ken Jones, an architect, organized Jones Architects on April 1, 2016. During the month, Jones  Architects  completed  the  following   transactions:

a.     Transferred cash from a personal bank account to an account to be used for the busi- ness in exchange for common stock, $18,000.

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

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

d.     Paid cash for supplies, $1,450.

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

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

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

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

i.       Paid cash for miscellaneous expenses, $375.

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

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

l.       Paid salary of assistant, $2,800.

m.   Paid cash for miscellaneous expenses, $200.

n.     Paid installment due on note payable, $300.

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

instructions

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, Rent Expense, Salary Expense, Blue- print Expense, Automobile Expense, Miscellaneous Expense. To the left of each 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 Jones Architects as of April 30, 2016.

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