Marjorie Knaus, an architect, organized Knaus Architects

Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus Architects completed the following transactions:

  1. Issued common stock to Marjorie Knaus in exchange for $30,000.
  2. Paid January rent for office and workroom, $2,500.
  3. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder.
  4. Purchased office and computer equipment on account, $8,000.
  5. Paid cash for supplies, $2,100.
  6. Paid cash for annual insurance policies, $3,600.
  7. Received cash from the client for plans delivered, $9,000.
  8. Paid cash for miscellaneous expenses, $2,600.
  9. Paid cash to creditors on account, $4,000.
  10. Paid installment due on note payable, $1,875.
  11. Received an invoice for blueprint service, due in February, $5,500.
  12. Recorded fees earned on plans delivered, payment to be received in February, $31,400.
  13. Paid salary of assistants, $6,000.
  14. Paid gas, oil, and repairs on the automobile for January, $1,300.


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  1. Record these transactions directly 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 the amount entered in the accounts, place the appropriate letter to identify the transaction.
  2. Determine the 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 Knaus Architects as of January 31, 20Y4.
  4. Determine the net income or net loss for January.


On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

  • Fees accrued but unbilled at May 31 are $19,750.
  • The supplies account balance on May 31 is $12,300. The supplies on hand at May 31 are $4,150.
  • Wages accrued but not paid at May 31 are $2,700.
  • The unearned rent account balance at May 31 is $9,000, representing the receipt of an advance payment on May 1 of three months’ rent from tenants.
  • Depreciation of office equipment is $3,200.


  1. Journalize the adjusting entries required at May 31.
  2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

























Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:


  1. Prepare an income statement for the year ended December 31, 20Y5.
  2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued.
  3. Prepare a balance sheet as of December 31, 20Y5.
  4. Based upon the end-of-period spreadsheet, journalize the closing entries.
  5. Prepare a post-closing trial balance.





Congratulations!  You have been chosen to lead the financial audit of a small retail store on Main Street in Bridgeport.  Based on your conversation with the owner, he has a basic journal with all the revenues and expenses listed. However, he does not keep an electronic accounting system and all prior financial statements are handwritten. He explains that he needs to get a 100,000 loan to expand his business.  Based upon your knowledge from this week’s work, how would you proceed with the audit?

Important: Remember your initial post is due by 11:59 PM on Wednesday.  Also, you must reply to one of your peers by Thursday by 11:59 PM then another by 11:59 PM on Sunday.

Please answer the question completely.  Incorporate the text and/or other outside sources to support your answer. Make sure all references follow the APA format.


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