Marjorie Knaus, an architect, organized Knaus Architects onJanuary 1, 2018. During the month, Knaus...

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Accounting

Marjorie Knaus, an architect, organized Knaus Architects onJanuary 1, 2018. During the month, Knaus Architects completed thefollowing transactions:

A.Issued common stock to MarjorieKnaus in exchange for $46,100.
B.Paid January rent for office andworkroom, $4,600.
C.Purchased used automobile for$30,000, paying $6,900 cash and giving a note payable for theremainder.
D.Purchased office and computerequipment on account, $9,200.
E.Paid cash for supplies,$2,210.
F.Paid cash for annual insurancepolicies, $3,100.
G.Received cash from client for plansdelivered, $11,500.
H.Paid cash for miscellaneousexpenses, $1,250.
I.Paid cash to creditors on account,$2,670.
J.Paid installment due on notepayable, $370.
K.Received invoice for blueprintservice, due in February, $1,500.
L.Recorded fees earned on plansdelivered, payment to be received in August, $8,000.
M.Paid salary of assistants,$2,400.
N.Paid gas, oil, and repairs onautomobile for July, $600.
Required:
1.Record these transactionsdirectly in the following T accounts, without journalizing: Cash;Accounts Receivable; Supplies; Prepaid Insurance; Automobiles;Equipment; Notes Payable; Accounts Payable; Common Stock;Professional Fees; Salary Expense; Blueprint Expense; Rent Expense;Automobile Expense; Miscellaneous Expense. To the left of theamount entered in the accounts, select the appropriate letter toidentify the transaction.
2.Determine account balances ofthe T accounts. Accounts containing a single entry only (such asPrepaid Insurance) do not need a balance.
3.Prepare an unadjusted trialbalance for Knaus Architects as of January 31, 2018.
4.Determine the net income or netloss for January.

T Accounts

1. Record these transactions directly in the following Taccounts, without journalizing: Cash; Accounts Receivable;Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable;Accounts Payable; Common Stock; Professional Fees; Salary Expense;Blueprint Expense; Rent Expense; Automobile Expense; MiscellaneousExpense. To the left of the amount entered in the accounts, selectthe appropriate letter to identify the transaction. 2. Determineaccount balances of the T accounts. Accounts containing a singleentry only (such as Prepaid Insurance) do not need a balance.

Cash
A.B.
G.C.
E.
F.
H.
I.
J.
M.
N.
Bal.
Accounts Receivable
I.
Supplies
Prepaid Insurance
Automobiles
Equipment
Notes Payable
Bal.
Accounts Payable
Bal.
Common Stock
Professional Fees
Bal.
Salary Expense
Blueprint Expense
Rent Expense
Automobile Expense
Miscellaneous Expense

Unadjusted Trial Balance

3. Prepare an unadjusted trial balance for Knaus Architects asof January 31, 2018.

Knaus Architects

UNADJUSTED TRIAL BALANCE

January 31, 2018

ACCOUNT TITLEDEBITCREDIT

1

Cash

2

Accounts Receivable

3

Supplies

4

Prepaid Insurance

5

Automobiles

6

Equipment

7

Notes Payable

8

Accounts Payable

9

Common Stock

10

Professional Fees

11

Salary Expense

12

Blueprint Expense

13

Rent Expense

14

Automobile Expense

15

Miscellaneous Expense

16

Totals

Final Question

4. Determine the net income or net loss for January.

Hello. Please fill in the blanks provided in this post. ThankYou!

Answer & Explanation Solved by verified expert
3.9 Ratings (728 Votes)

Cash
A. 46100 B. 4600
G. 11500 C. 6900
E. 2210
F. 3100
H. 1250
I. 2670
J. 370
M. 2400
N. 600
57600 24100
Bal. 33500
Accounts Receivable
I. 8000
Supplies
E 2210
Prepaid Insurance
F 3100
Automobiles
C 30000
Equipment
D 9200
Notes Payable
J 370 C 23100
370 23100
Bal. 22730
Accounts Payable
I 2670 D 9200
K 1500
2670 10700
Bal. 8030
Common Stock
A 46100
Professional Fees
G 11500
L 8000
Bal. 19500
Salary Expense
M 2400
Blueprint Expense
K 1500
Rent Expense
B 4600
Automobile Expense
N 600
Miscellaneous Expense
H 1250
UNADJUSTED TRIAL BALANCE
January 31, 2018
ACCOUNT TITLE DEBIT CREDIT
1 Cash 33500
2 Accounts Receivable 8000
3 Supplies 2210
4 Prepaid Insurance 3100
5 Automobiles 30000
6 Equipment 9200
7 Notes Payable 22730
8 Accounts Payable 8030
9 Common Stock 46100
10 Professional Fees 19500
11 Salary Expense 2400
12 Blueprint Expense 1500
13 Rent Expense 4600
14 Automobile Expense 600
15 Miscellaneous Expense 1250
16 Totals 96360 96360
4. Determine the net income or net loss for January.
INCOME SUMMARY
Professional Fees 19500
Expenses:
Salary Expense 2400
Blueprint Expense 1500
Rent Expense 4600
Automobile Expense 600
Miscellaneous Expense 1250 10350
Net income 9150
Note:
Insurance expense for 3100/12 = 258 is to be adjusted from prepaid insurance.
which has not been done as nothing is mentioned about adjustments to be made. Similarly depreciation
expense and supplies expense have not been accounted for, as details are not available.

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Transcribed Image Text

In: AccountingMarjorie Knaus, an architect, organized Knaus Architects onJanuary 1, 2018. During the month, Knaus Architects...Marjorie Knaus, an architect, organized Knaus Architects onJanuary 1, 2018. During the month, Knaus Architects completed thefollowing transactions:A.Issued common stock to MarjorieKnaus in exchange for $46,100.B.Paid January rent for office andworkroom, $4,600.C.Purchased used automobile for$30,000, paying $6,900 cash and giving a note payable for theremainder.D.Purchased office and computerequipment on account, $9,200.E.Paid cash for supplies,$2,210.F.Paid cash for annual insurancepolicies, $3,100.G.Received cash from client for plansdelivered, $11,500.H.Paid cash for miscellaneousexpenses, $1,250.I.Paid cash to creditors on account,$2,670.J.Paid installment due on notepayable, $370.K.Received invoice for blueprintservice, due in February, $1,500.L.Recorded fees earned on plansdelivered, payment to be received in August, $8,000.M.Paid salary of assistants,$2,400.N.Paid gas, oil, and repairs onautomobile for July, $600.Required:1.Record these transactionsdirectly in the following T accounts, without journalizing: Cash;Accounts Receivable; Supplies; Prepaid Insurance; Automobiles;Equipment; Notes Payable; Accounts Payable; Common Stock;Professional Fees; Salary Expense; Blueprint Expense; Rent Expense;Automobile Expense; Miscellaneous Expense. To the left of theamount entered in the accounts, select the appropriate letter toidentify the transaction.2.Determine account balances ofthe T accounts. Accounts containing a single entry only (such asPrepaid Insurance) do not need a balance.3.Prepare an unadjusted trialbalance for Knaus Architects as of January 31, 2018.4.Determine the net income or netloss for January.T Accounts1. Record these transactions directly in the following Taccounts, without journalizing: Cash; Accounts Receivable;Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable;Accounts Payable; Common Stock; Professional Fees; Salary Expense;Blueprint Expense; Rent Expense; Automobile Expense; MiscellaneousExpense. To the left of the amount entered in the accounts, selectthe appropriate letter to identify the transaction. 2. Determineaccount balances of the T accounts. Accounts containing a singleentry only (such as Prepaid Insurance) do not need a balance.CashA.B.G.C.E.F.H.I.J.M.N.Bal.Accounts ReceivableI.SuppliesPrepaid InsuranceAutomobilesEquipmentNotes PayableBal.Accounts PayableBal.Common StockProfessional FeesBal.Salary ExpenseBlueprint ExpenseRent ExpenseAutomobile ExpenseMiscellaneous ExpenseUnadjusted Trial Balance3. Prepare an unadjusted trial balance for Knaus Architects asof January 31, 2018.Knaus ArchitectsUNADJUSTED TRIAL BALANCEJanuary 31, 2018ACCOUNT TITLEDEBITCREDIT1Cash2Accounts Receivable3Supplies4Prepaid Insurance5Automobiles6Equipment7Notes Payable8Accounts Payable9Common Stock10Professional Fees11Salary Expense12Blueprint Expense13Rent Expense14Automobile Expense15Miscellaneous Expense16TotalsFinal Question4. Determine the net income or net loss for January.Hello. Please fill in the blanks provided in this post. ThankYou!

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