Ntries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 20Y4. 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, $66,600.
Paid October rent for office and workroom, $6,700.
Purchased used automobile for $43,000, paying $10,000 cash and giving a note payable for the remainder.
Purchased office and computer equipment on account, $13,300.
Paid cash for supplies, $3,200.
Paid cash for annual insurance policies, $4,500.
Received cash from client for plans delivered, $16,700.
Paid cash for miscellaneous expenses, $1,800.
Paid cash to creditors on account, $3,860.
Paid $530 on note payable.
Received invoice for blueprint service, due in November, $2,200.
Recorded fees earned on plans delivered, payment to be received in November, $11,500.
Paid salary of assistants, $3,500.
Paid gas, oil, and repairs on automobile for October, $870.
Required:

1. Record the above transactions (in chronological order) directly into the T accounts. 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.

Cash

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Accounts Receivable

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Supplies

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Prepaid Insurance

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Automobiles

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Equipment

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Accounts Payable

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Notes Payable

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Connie Young, Capital

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Professional Fees

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Salary Expense

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Blueprint Expense

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Rent Expense

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Automobile Expense

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Miscellaneous Expense

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3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 20Y4. For those boxes in which no entry is required, leave the box blank.

Connie Young, Architect
Unadjusted Trial Balance
October 31, 20Y4
Debit
Balances Credit
Balances

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

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