Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:

A. Issued common stock to Marjorie Knaus in exchange for $30,000.B. Paid January rent for office and workroom, $2,500.C. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder.D. Purchased office and computer equipment on account, $8,000.E. Paid cash for supplies, $2,100.F. Paid cash for annual insurance policies, $3,600.G. Received cash from client for plans delivered, $9,000.H. Paid cash for miscellaneous expenses, $2,600.I. Paid cash to creditors on account, $4,000.J. Paid installment due on note payable, $1,875.K. Received invoice for blueprint service, due in February, $5,500.L. Recorded fees earned on plans delivered, payment to be received in February, $31,400.M. Paid salary of assistants, $6,000.N. Paid gas, oil, and repairs on automobile for January, $1,300.

1. Indicate these transactions directly in the 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.3. Illustrate an unadjusted trial balance for Knaus Architects as of January 31, 2018.4. Determine the net income or net loss for January.

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Status NEW Posted 11 Jul 2017 08:07 AM My Price 6.00

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