Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. connie young, an architect, opened an office on oc

Connie Young, an architect, opened an office on October 1, 2019. During the month, she...

60.1K

Verified Solution

Question

Accounting

Connie Young, an architect, opened an office on October 1, 2019. 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, $36,000.b/ Paid October rent for office and workroom, $2,400.c/ Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder.d/ Purchased office and computer equipment on account, $9,000.e/ Paid cash for supplies, $2,150.f/ Paid cash for annual insurance policies, $4,000. g/Received cash from client for plans delivered, $12,200.h/ Paid cash for miscellaneous expenses, $815.I/ Paid cash to creditors on account, $4,500. j/Paid $5,000 on note payable.k/ Received invoice for blueprint service, due in November, $2,890.l/ Recorded fees earned on plans delivered, payment to be received in November, $18,300.m/ Paid salary of assistants, $6,450. n/ Paid gas, oil, and repairs on automobile for October, $1,020. 4. Determine the net income or net loss for October.

A. Find these transactions using journalizing.

B. Find these transactions using T account

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Scroll the bottom arrows to see the whole table. if I make it any smaller you...

Basic Math
Q

Please explain how to solve and show all work! I'm extremely lost. Part 1: A 180,000 gal. swimming...

Chemistry
Q

How do HABA and salicylate bind to BSA? The lab is show as below: perform a saturation...

Chemistry
Q

As you read the Transitional Care scenario in the \"Allied Health Community\" media for Topic 4,...

Psychology
Q

A long cylindrical rod of 100 mm radius consists of a nuclear material (k = 0.5...

Mechanical Engineering
Q

Suppose the world price of banana is P* and Ecuador decides to offer its banana exporters...

Economics
Q

Analyze On a completed cladogram the orange dot that connects two branches represents a common...

Biology
Q

Find fxx fxy, fyx,fand yy for the following function. (Remember, fyx means to differentiate with...

Calculus
Q

A sum of scalar multiples of two vectors such as au bv where a and...

Calculus
Q

Find the value of b if any that would cause the graph of f x...

Algebra
Q

Make a Unadjusted Trial Balance and a Balance sheet from the following information. Date...

Accounting
Q

Company A manufactures heavy farm equipment. Which of the following could pose an operational risk...

Accounting