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Entries into 7 accounts and tral talance Erin Murdoch, an architect, organized Modem Architects on January 1, 20Y4. Duricg the month, Mosern Architectr completed the followisg transoctions a. Issued common stuck to Erin Murdech in exchasge for $50,000 b. Pad January rent for office and worktoom, 53,000 . C. Purchased used autemobile tor $30,000, paying $7,500 cash and giving a note payable for the remainden. d. Purchated office and cemputer equipmet on account, $9,500. Q. Paid cast for supplies, 51,800 . f. Paid cash for annual insurance policies, $3,600. 9. Received cash from client for plans deliveres, $10,500. h. Paid cash for miscelaneous eapenses, $1,500. i. Peid cash to crefiters ce account, $5,000. 1. Peid inftaliment due on note baysabie, $750. k. Receved involce for blueprint service, due in Feoruary, $5,500. 1. Phecorded fees eamed on plans delivered, payment to te received in February, 322,350 . m. Paid salery of assistants, 3a,000. A. Paid gas, oll, and repairs on automobile for January, $550. Required: each ameunt entered in the acceuns, select the oppreoriate letter to identry the transaction. Accounts Receivable Bal, 60,500 Prepaid tnsurance Automobiles c. v 30,000 Commen Stock Ait work saved. Siane ard Eit Submit Assignment for 3. Apply the rules of double entry occountag and debit and credit to recond each transacton in the appropriate T-account, Remember the left side of a T-account is used to recer and the right side is used to record crediss. Mathematically determine the ending balance forceach T-account, Renember that assets and expansos will bave a normai debit balan revenues and liabilities will have a normal eredit balance. 4. Determine the net income or net loas for January. Fenotect + check wivinor 4. Net income = Revenut - Expenses, Use the account balances from the unadjusted trial balante 10 determine net incorne

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