Jay Lin an architect opened an office on July 1 #1675

Jay Lin, an architect, opened an office on July 1, 2015. During the month, he completed the
following transactions connected with his professional practice:a. Transferred cash from a
personal bank account to an account to be used for the business, $20,000.b. Paid July rent for
office and workroom, $2,500.c. Purchased office and computer equipment on account,
$7,000.d. Paid cash for supplies, $1,200.e. Decided to purchase insurance, but could not
choose between a $1,000 plan and a $1,200 plan.f. Received cash from client for plans
delivered, $4,175.g. Received invoice for blueprint service, due in August, $800.h. Recorded fee
earned on plans delivered, payment to be received in August, $3,150.Instructions1. Record the
above transactions directly in the following T accounts, without journalizing: Cash; Accounts
Receivable; Supplies; Equipment; Accounts Payable; Jay Lin, Capital; Professional Fees; Rent
Expense; Blueprint 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 Supplies) do not need a balance.3. Prepare an
unadjusted trial balance as at July 31, 2015.View Solution:
Jay Lin an architect opened an office on July 1

ANSWER
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