Reference no: EM13578121

Travis Fortney, and architect, opened an office on April 1, 2010. 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, $30,000.b. Purchased used automobile for $19,500, paying $4,500 cash and giving a note payable for the remainder.c. Paid April rent for office and workroom, $3,000.d. Paid cash for supplies, $1,450.e. Purchased office and computer equipment on account, $6,000.f. Paid cash for annual insurance policies on automobile and equipment, $2,000.g. Received cash from a client for plans delivered, $7,500.h. Paid cash to creditors on account, $1,750.i. Paid cash for miscellaneous expenses, $500.j. Received invoice for blueprint service, due in May, $1,000.k. Recorded fee earned on plans delivered, payment to be received in May, $5,200.l. Paid salary of assistant, $1,600.m. Paid cash for miscellaneous expenses, $325.n. Paid installment due on note payable, $250.o. Paid gas, oil, and repairs on automobile for April, $400. Instructions: 1. Record the above transactions directly into the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Travis Fortney, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense, Miscellaneous Expense. To the left of each 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 do not need a balance.