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 | |||
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Accounts Payable |
| Capital Stock |
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