Entries into T Accounts and Trial Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions: Issued common stock to Marjorie Knaus in exchange for $40,600. Paid January rent for office and workroom, $4,100. Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $8,100. Paid cash for supplies, $1,950. Paid cash for annual insurance policies, $2,700. Received cash from client for plans delivered, $10,200. Paid cash for miscellaneous expenses, $1,100. Paid cash to creditors on account, $2,350. Paid installment due on note payable, $320. Received invoice for blueprint service, due in August, $1,300. Recorded fees earned on plans delivered, payment to be received in August, $7,000. Paid salary of assistants, $2,200. Paid gas, oil, and repairs on automobile for July, $530. Required: 1. Record the above transactions (in chronological order) 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, Blueprint Expense, Automobile Expense, Miscellaneous Expense. To the left of each amount entered in the accounts, select the appropriate letter to identify the transaction. 2. Determine the balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Cash fill in the blank 701159fd5ffefe1_2 fill in the blank 701159fd5ffefe1_4 fill in the blank 701159fd5ffefe1_6 fill in the blank 701159fd5ffefe1_8 fill in the blank 701159fd5ffefe1_10 fill in the blank 701159fd5ffefe1_12 fill in the blank 701159fd5ffefe1_14 fill in the blank 701159fd5ffefe1_16 fill in the blank 701159fd5ffefe1_18 fill in the blank 701159fd5ffefe1_20 fill in the blank 701159fd5ffefe1_22 Bal. fill in the blank 701159fd5ffefe1_23 Accounts Receivable fill in the blank 701159fd5ffefe1_25 Supplies fill in the blank 701159fd5ffefe1_27 Prepaid Insurance fill in the blank 701159fd5ffefe1_29 Automobiles fill in the blank 701159fd5ffefe1_31 Equipment fill in the blank 701159fd5ffefe1_33 Notes Payable fill in the blank 701159fd5ffefe1_35 fill in the blank 701159fd5ffefe1_37 Bal. fill in the blank 701159fd5ffefe1_38 Accounts Payable fill in the blank 701159fd5ffefe1_40 fill in the blank 701159fd5ffefe1_42 fill in the blank 701159fd5ffefe1_44 Bal. fill in the blank 701159fd5ffefe1_45 Common Stock fill in the blank 701159fd5ffefe1_47 Professional Fees fill in the blank 701159fd5ffefe1_49 fill in the blank 701159fd5ffefe1_51 Bal. fill in the blank 701159fd5ffefe1_52 Rent Expense fill in the blank 701159fd5ffefe1_54 Salary Expense fill in the blank 701159fd5ffefe1_56 Blueprint Expense fill in the blank 701159fd5ffefe1_58 Automobile Expense fill in the blank 701159fd5ffefe1_60 Miscellaneous Expense fill in the blank 701159fd5ffefe1_62 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank. Knaus Architects Unadjusted Trial Balance January 31, 2018 Debit Balances Credit Balances fill in the blank f348e203106c04f_2 fill in the blank f348e203106c04f_3 fill in the blank f348e203106c04f_5 fill in the blank f348e203106c04f_6 fill in the blank f348e203106c04f_8 fill in the blank f348e203106c04f_9 fill in the blank f348e203106c04f_11 fill in the blank f348e203106c04f_12 fill in the blank f348e203106c04f_14 fill in the blank f348e203106c04f_15 fill in the blank f348e203106c04f_17 fill in the blank f348e203106c04f_18 fill in the blank f348e203106c04f_20 fill in the blank f348e203106c04f_21 fill in the blank f348e203106c04f_23 fill in the blank f348e203106c04f_24 fill in the blank f348e203106c04f_26 fill in the blank f348e203106c04f_27 fill in the blank f348e203106c04f_29 fill in the blank f348e203106c04f_30 fill in the blank f348e203106c04f_32 fill in the blank f348e203106c04f_33 fill in the blank f348e203106c04f_35 fill in the blank f348e203106c04f_36 fill in the blank f348e203106c04f_38 fill in the blank f348e203106c04f_39 fill in the blank f348e203106c04f_41 fill in the blank f348e203106c04f_42 fill in the blank f348e203106c04f_44 fill in the blank f348e203106c04f_45 fill in the blank f348e203106c04f_46 fill in the blank f348e203106c04f_47
Entries into T Accounts and Trial Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions: Issued common stock to Marjorie Knaus in exchange for $40,600. Paid January rent for office and workroom, $4,100. Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $8,100. Paid cash for supplies, $1,950. Paid cash for annual insurance policies, $2,700. Received cash from client for plans delivered, $10,200. Paid cash for miscellaneous expenses, $1,100. Paid cash to creditors on account, $2,350. Paid installment due on note payable, $320. Received invoice for blueprint service, due in August, $1,300. Recorded fees earned on plans delivered, payment to be received in August, $7,000. Paid salary of assistants, $2,200. Paid gas, oil, and repairs on automobile for July, $530. Required: 1. Record the above transactions (in chronological order) 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, Blueprint Expense, Automobile Expense, Miscellaneous Expense. To the left of each amount entered in the accounts, select the appropriate letter to identify the transaction. 2. Determine the balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Cash fill in the blank 701159fd5ffefe1_2 fill in the blank 701159fd5ffefe1_4 fill in the blank 701159fd5ffefe1_6 fill in the blank 701159fd5ffefe1_8 fill in the blank 701159fd5ffefe1_10 fill in the blank 701159fd5ffefe1_12 fill in the blank 701159fd5ffefe1_14 fill in the blank 701159fd5ffefe1_16 fill in the blank 701159fd5ffefe1_18 fill in the blank 701159fd5ffefe1_20 fill in the blank 701159fd5ffefe1_22 Bal. fill in the blank 701159fd5ffefe1_23 Accounts Receivable fill in the blank 701159fd5ffefe1_25 Supplies fill in the blank 701159fd5ffefe1_27 Prepaid Insurance fill in the blank 701159fd5ffefe1_29 Automobiles fill in the blank 701159fd5ffefe1_31 Equipment fill in the blank 701159fd5ffefe1_33 Notes Payable fill in the blank 701159fd5ffefe1_35 fill in the blank 701159fd5ffefe1_37 Bal. fill in the blank 701159fd5ffefe1_38 Accounts Payable fill in the blank 701159fd5ffefe1_40 fill in the blank 701159fd5ffefe1_42 fill in the blank 701159fd5ffefe1_44 Bal. fill in the blank 701159fd5ffefe1_45 Common Stock fill in the blank 701159fd5ffefe1_47 Professional Fees fill in the blank 701159fd5ffefe1_49 fill in the blank 701159fd5ffefe1_51 Bal. fill in the blank 701159fd5ffefe1_52 Rent Expense fill in the blank 701159fd5ffefe1_54 Salary Expense fill in the blank 701159fd5ffefe1_56 Blueprint Expense fill in the blank 701159fd5ffefe1_58 Automobile Expense fill in the blank 701159fd5ffefe1_60 Miscellaneous Expense fill in the blank 701159fd5ffefe1_62 3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank. Knaus Architects Unadjusted Trial Balance January 31, 2018 Debit Balances Credit Balances fill in the blank f348e203106c04f_2 fill in the blank f348e203106c04f_3 fill in the blank f348e203106c04f_5 fill in the blank f348e203106c04f_6 fill in the blank f348e203106c04f_8 fill in the blank f348e203106c04f_9 fill in the blank f348e203106c04f_11 fill in the blank f348e203106c04f_12 fill in the blank f348e203106c04f_14 fill in the blank f348e203106c04f_15 fill in the blank f348e203106c04f_17 fill in the blank f348e203106c04f_18 fill in the blank f348e203106c04f_20 fill in the blank f348e203106c04f_21 fill in the blank f348e203106c04f_23 fill in the blank f348e203106c04f_24 fill in the blank f348e203106c04f_26 fill in the blank f348e203106c04f_27 fill in the blank f348e203106c04f_29 fill in the blank f348e203106c04f_30 fill in the blank f348e203106c04f_32 fill in the blank f348e203106c04f_33 fill in the blank f348e203106c04f_35 fill in the blank f348e203106c04f_36 fill in the blank f348e203106c04f_38 fill in the blank f348e203106c04f_39 fill in the blank f348e203106c04f_41 fill in the blank f348e203106c04f_42 fill in the blank f348e203106c04f_44 fill in the blank f348e203106c04f_45 fill in the blank f348e203106c04f_46 fill in the blank f348e203106c04f_47
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
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The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Entries into T Accounts and
Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. During the month, Knaus Architects completed the following transactions:
- Issued common stock to Marjorie Knaus in exchange for $40,600.
- Paid January rent for office and workroom, $4,100.
- Purchased used automobile for $26,000, paying $6,100 cash and giving a note payable for the remainder.
- Purchased office and computer equipment on account, $8,100.
- Paid cash for supplies, $1,950.
- Paid cash for annual insurance policies, $2,700.
- Received cash from client for plans delivered, $10,200.
- Paid cash for miscellaneous expenses, $1,100.
- Paid cash to creditors on account, $2,350.
- Paid installment due on note payable, $320.
- Received invoice for blueprint service, due in August, $1,300.
- Recorded fees earned on plans delivered, payment to be received in August, $7,000.
- Paid salary of assistants, $2,200.
- Paid gas, oil, and repairs on automobile for July, $530.
Required:
1. Record the above transactions (in chronological order) directly in the following T accounts, without journalizing. Cash,
2. Determine the balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.
| Cash | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_2 | fill in the blank 701159fd5ffefe1_4 | ||
| fill in the blank 701159fd5ffefe1_6 | fill in the blank 701159fd5ffefe1_8 | ||
| fill in the blank 701159fd5ffefe1_10 | |||
| fill in the blank 701159fd5ffefe1_12 | |||
| fill in the blank 701159fd5ffefe1_14 | |||
| fill in the blank 701159fd5ffefe1_16 | |||
| fill in the blank 701159fd5ffefe1_18 | |||
| fill in the blank 701159fd5ffefe1_20 | |||
| fill in the blank 701159fd5ffefe1_22 | |||
| Bal. | fill in the blank 701159fd5ffefe1_23 |
| Accounts Receivable | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_25 |
| Supplies | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_27 |
| Prepaid Insurance | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_29 |
| Automobiles | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_31 |
| Equipment | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_33 |
| Notes Payable | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_35 | fill in the blank 701159fd5ffefe1_37 | ||
| Bal. | fill in the blank 701159fd5ffefe1_38 |
| Accounts Payable | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_40 | fill in the blank 701159fd5ffefe1_42 | ||
| fill in the blank 701159fd5ffefe1_44 | |||
| Bal. | fill in the blank 701159fd5ffefe1_45 |
| Common Stock | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_47 |
| Professional Fees | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_49 | |||
| fill in the blank 701159fd5ffefe1_51 | |||
| Bal. | fill in the blank 701159fd5ffefe1_52 |
| Rent Expense | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_54 |
| Salary Expense | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_56 |
| Blueprint Expense | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_58 |
| Automobile Expense | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_60 |
| Miscellaneous Expense | |||
|---|---|---|---|
| fill in the blank 701159fd5ffefe1_62 |
3. Prepare an unadjusted trial balance for Knaus Architects as of January 31, 2018. List all accounts in the order of Assets, Liabilities,
| Knaus Architects | ||
| Unadjusted Trial Balance | ||
| January 31, 2018 | ||
| Debit Balances | Credit Balances | |
| fill in the blank f348e203106c04f_2 | fill in the blank f348e203106c04f_3 | |
| fill in the blank f348e203106c04f_5 | fill in the blank f348e203106c04f_6 | |
| fill in the blank f348e203106c04f_8 | fill in the blank f348e203106c04f_9 | |
| fill in the blank f348e203106c04f_11 | fill in the blank f348e203106c04f_12 | |
| fill in the blank f348e203106c04f_14 | fill in the blank f348e203106c04f_15 | |
| fill in the blank f348e203106c04f_17 | fill in the blank f348e203106c04f_18 | |
| fill in the blank f348e203106c04f_20 | fill in the blank f348e203106c04f_21 | |
| fill in the blank f348e203106c04f_23 | fill in the blank f348e203106c04f_24 | |
| fill in the blank f348e203106c04f_26 | fill in the blank f348e203106c04f_27 | |
| fill in the blank f348e203106c04f_29 | fill in the blank f348e203106c04f_30 | |
| fill in the blank f348e203106c04f_32 | fill in the blank f348e203106c04f_33 | |
| fill in the blank f348e203106c04f_35 | fill in the blank f348e203106c04f_36 | |
| fill in the blank f348e203106c04f_38 | fill in the blank f348e203106c04f_39 | |
| fill in the blank f348e203106c04f_41 | fill in the blank f348e203106c04f_42 | |
| fill in the blank f348e203106c04f_44 | fill in the blank f348e203106c04f_45 | |
| fill in the blank f348e203106c04f_46 | fill in the blank f348e203106c04f_47 |
4. Determine the net income or net loss for January.
$fill in the blank 902db2fd4faaf98_2
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