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Lynn Cantwell, an architect, opened an office on July 1, 2014. 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, $25,000.
- b. Paid July rent for office and workroom,$2,750.
- c. Purchased used automobile for $30,000, paying$4,000 cash and giving a note payable for the remainder.
- d. Purchased office and computer equipment on account, $9,000.
- e. Paid cash for supplies,$1,600.
- f. Paid cash for annual insurance policies, $2,400.
- g. Received cash from client for plans delivered,$11,150.
- h. Paid cash for miscellaneous expenses, $300.
- i. Paid cash to creditors on account,$3,500.
- j. Paid installment due on note payable, $550.
- k. Received invoice for blueprint service, due in August,$1,500.
- l. Recorded fee earned on plans delivered, payment to be received in August, $17,300.
- m. Paid salary of assistant,$2,200.
- n. Paid gas, oil, and repairs on automobile for July, $815.
- Record the above transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Lynn Cantwell, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction.
- Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance.
- Prepare an unadjusted trial balance for Lynn Cantwell, Architect, as of July 31, 2014.
- Determine the net income or net loss for July.
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