10 Nov Hannah Knox, an architect, opened an office on Jul
Hannah Knox, an architect, opened an office on July 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, $25,000.b. Paid July rent for office and workroom, $2,000.c. Purchased used automobile for $16,500, paying $1,500 cash and giving a note payable for the remainder.d. Purchased office and computer equipment on account, $6,500.e. Paid cash for supplies, $975.f. Paid cash for annual insurance policies, $1,200.g. Received cash from client for plans delivered, $3,750.h. Paid cash for miscellaneous expenses, $240.i. Paid cash to creditors on account, $2,500.j. Paid installment due on note payable, $450.k. Received invoice for blueprint service, due in August, $750.l. Recorded fee earned on plans delivered, payment to be received in August, $3,150.m.Paid salary of assistant, $1,500.n. Paid gas, oil, and repairs on automobile for July, $280.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; Hannah Knox, Capital; Professional Fees; Rent Expense; Salary Expense; Automobile Expense; Blueprint Expense; Miscellaneous Expense. To the left of the 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 Hannah Knox, Architect, as of July 31, 2008.
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