Chat with us, powered by LiveChat Lynette Moss, an architect, opened an office on Ap - Writemia

Lynette Moss, an architect, opened an office on Ap

Lynette Moss, an architect, opened an office on April 1, 2008. During the month, she completed the following transactions connected with her professional practice:a. Transferred cash from a personal bank account to an account to be used for the business, $22,500.b. Purchased used automobile for $15,300, paying $4,000 cash and giving a note payable for the remainder.c. Paid April rent for office and workroom, $2,500.d. Paid cash for supplies, $1,200.e. Purchased office and computer equipment on account, $5,200.f. Paid cash for annual insurance policies on automobile and equipment, $1,600.g. Received cash from a client for plans delivered, $6,500.h. Paid cash to creditors on account, $1,800.i. Paid cash for miscellaneous expenses, $300.j. Received invoice for blueprint service, due in May, $800.k. Recorded fee earned on plans delivered, payment to be received in May, $3,500.l. Paid salary of assistant, $1,500.m.Paid cash for miscellaneous expenses, $210.n. Paid installment due on note payable, $200.o. Paid gas, oil, and repairs on automobile for April, $250.Instructions1. Record the above transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Lynette Moss, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint 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 Lynette Moss, Architect, as of April 30, 2008.

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