Problem

Capital Financial Advisors, Inc. had the following transactions during January, its first...

Capital Financial Advisors, Inc. had the following transactions during January, its first month of operations:

 a Issued to Marvin Tycoon 9,000 shares of capital stock in exchange for his investment of $45,000 cash.

 b Borrowed $30,000 from a bank and signed a note payable due in three months.

 c Purchased office furniture costing $19,750; paid $6,000 cash and charged the balance on account.

 d Paid $6,000 of the amount owed for office furniture.

 e Issued an additional 2,000 shares of capital stock to an individual who invests $10,000 in the business.

 Instructions

  Record the above transactions directly in the T accounts below. Identify each entry in a T

  account with the letter shown for the transaction.

Cash

 

Office Furnishings

 

Notes Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

Capital Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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