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    Leila Durkin An Architect Opened An Office On May 1

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    M Bilal Saleem
    Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she transferred $30,000 from her personal account to her business account, paid $3,500 in rent and $2,400 for annual insurance. She purchased an automobile for $25,000, paying $5,000 in cash and financing the remainder. Leila also purchased office equipment for $9,000 and paid expenses totaling $5,100. She received $8,150 from a client and $12,900 for plans to be delivered in June.

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    Leila Durkin An Architect Opened An Office On May 1

    Uploaded by

    M Bilal Saleem
    174 views1 page
    Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she transferred $30,000 from her personal account to her business account, paid $3,500 in rent and $2,400 for annual insurance. She purchased an automobile for $25,000, paying $5,000 in cash and financing the remainder. Leila also purchased office equipment for $9,000 and paid expenses totaling $5,100. She received $8,150 from a client and $12,900 for plans to be delivered in June.

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    Leila Durkin an Architect Opened an Office on May 1

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    Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she transferred $30,000 from her personal account to her business account, paid $3,500 in rent and $2,400 for annual insurance. She purchased an automobile for $25,000, paying $5,000 in cash and financing the remainder. Leila also purchased office equipment for $9,000 and paid expenses totaling $5,100. She received $8,150 from a client and $12,900 for plans to be delivered in June.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    174 views1 page

    Leila Durkin An Architect Opened An Office On May 1

    Uploaded by

    M Bilal Saleem
    Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she transferred $30,000 from her personal account to her business account, paid $3,500 in rent and $2,400 for annual insurance. She purchased an automobile for $25,000, paying $5,000 in cash and financing the remainder. Leila also purchased office equipment for $9,000 and paid expenses totaling $5,100. She received $8,150 from a client and $12,900 for plans to be delivered in June.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Leila Durkin an architect opened an office on May 1

    Leila Durkin, an architect, opened an office on May 1, 2012. 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, $30,000.b. Paid May rent for
    office and workroom, $3,500.c. Purchased used automobile for $25,000, paying $5,000 cash
    and giving a note payable for the remainder.d. Purchased office and computer equipment on
    account, $9,000.e. Paid cash for supplies, $1,200.f. Paid cash for annual insurance policies,
    $2,400.g. Received cash from client for plans delivered, $8,150.h. Paid cash for miscellaneous
    expenses, $300.i. Paid cash to creditors on account, $2,500.j. Paid installment due on note
    payable, $400.k. Received invoice for blueprint service, due in June, $1,200.l. Recorded fee
    earned on plans delivered, payment to be received in June, $12,900.m. Paid salary of assistant,
    $1,800.n. Paid gas, oil, and repairs on automobile for May, $600.Instructions1. Record the
    above transactions directly in the following T accounts, without journalizing: Cash; Accounts
    Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts
    Payable; Leila Durkin, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint
    Expense; Automobile Expense; Miscellaneous 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 Prepaid Insurance) do not
    need a balance.3. Prepare an unadjusted trial balance for Leila Durkin, Architect, as of May 31,
    2012.4. Determine the net income or net loss for May.View Solution:
    Leila Durkin an architect opened an office on May 1
    SOLUTION-- http://expertanswer.online/downloads/leila-durkin-an-architect-opened-an-office-on-
    may-1/

    See Answer here expertanswer.online


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