Homework Help Forum: accounting 201

Posted by David on Wednesday, September 30, 2009 at 12:25am.

I am having trouble figuring out my accounts payable and capital. Any help on going about and solving this would be greatly appreciated. I have listed the data below... Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the following transactions connected with his professional practice: 1. Transferred cash from a personal bank account to an account to be used for the business, $30,000. 2. Purchased used automobile for $19,500, paying $4,500 cash and giving a note payable for the remainder. 3. Paid April rent for office and workroom, $3,000. 4. Paid cash for supplies, $1,450. 5. Purchased office and computer equipment on account, $6,000. 6. Paid cash for annual insurance policies on automobile and equipment, $2,000. 7. Received cash from a client for plans delivered, $7,500. 8. Paid cash to creditors on account, $1,750. 9. Paid cash for miscellaneous expenses, $500. 10. Received invoice for blueprint service, due in May, $1,000. 11. Recorded fee earned on plans delivered, payment to be received in May, $5,200. 12. Paid salary of assistant, $1,600. 13. Paid cash for miscellaneous expenses, $325. 14. Paid installment due on note payable, $250. 15. Paid gas, oil, and repairs on automobile for April, $400.

• accounting 201 - David, Wednesday, September 30, 2009 at 12:28am

  Oops I said I could not figure out capital, it was processional fees that I meant to list. Capital is clearly 30,000.

  
  

• accounting 201 - David, Wednesday, September 30, 2009 at 12:30am

  I am sorry I am tired and meant to write professional fees.

  
  

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