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.

Thank you in advance!

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

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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

No problem! Let's go through the transactions step-by-step:

1. Transferred cash from a personal bank account to an account to be used for the business, $30,000.
- Increase Cash (assets) by $30,000.
- Increase Capital (equity) by $30,000.

2. Purchased used automobile for $19,500, paying $4,500 cash and giving a note payable for the remainder.
- Increase Automobile (assets) by $19,500.
- Decrease Cash (assets) by $4,500.
- Increase Note Payable (liability) by $15,000.

3. Paid April rent for office and workroom, $3,000.
- Decrease Cash (assets) by $3,000.
- Increase Rent Expense (expenses) by $3,000.

4. Paid cash for supplies, $1,450.
- Decrease Cash (assets) by $1,450.
- Increase Supplies (assets) by $1,450.

5. Purchased office and computer equipment on account, $6,000.
- Increase Office Equipment (assets) by $6,000.
- Increase Computer Equipment (assets) by $6,000.
- Increase Accounts Payable (liability) by $6,000.

6. Paid cash for annual insurance policies on automobile and equipment, $2,000.
- Decrease Cash (assets) by $2,000.
- Increase Prepaid Insurance (assets) by $2,000.

7. Received cash from a client for plans delivered, $7,500.
- Increase Cash (assets) by $7,500.
- Increase Professional Fees (revenue) by $7,500.

8. Paid cash to creditors on account, $1,750.
- Decrease Cash (assets) by $1,750.
- Decrease Accounts Payable (liability) by $1,750.

9. Paid cash for miscellaneous expenses, $500.
- Decrease Cash (assets) by $500.
- Increase Miscellaneous Expenses (expenses) by $500.

10. Received invoice for blueprint service, due in May, $1,000.
- Increase Accounts Payable (liability) by $1,000.

11. Recorded fee earned on plans delivered, payment to be received in May, $5,200.
- Increase Accounts Receivable (assets) by $5,200.
- Increase Professional Fees (revenue) by $5,200.

12. Paid salary of assistant, $1,600.
- Decrease Cash (assets) by $1,600.
- Increase Salary Expense (expenses) by $1,600.

13. Paid cash for miscellaneous expenses, $325.
- Decrease Cash (assets) by $325.
- Increase Miscellaneous Expenses (expenses) by $325.

14. Paid installment due on note payable, $250.
- Decrease Cash (assets) by $250.
- Decrease Note Payable (liability) by $250.

15. Paid gas, oil, and repairs on automobile for April, $400.
- Decrease Cash (assets) by $400.
- Increase Automobile Expense (expenses) by $400.

To calculate the Accounts Payable, add up all the amounts recorded for Accounts Payable transactions:
$6,000 (transaction 5) + $1,000 (transaction 10) = $7,000

To calculate the Professional Fees earned, add up all the amounts recorded for Professional Fees transactions:
$7,500 (transaction 7) + $5,200 (transaction 11) = $12,700

I hope this helps! Let me know if you have any further questions.

No problem at all! Let's first focus on the accounts payable and professional fees.

Accounts payable is a liability account that represents the amount a company owes to its creditors or suppliers for goods or services received on credit. On the other hand, professional fees are revenues earned by providing professional services to clients.

To determine the accounts payable and professional fees for the given transactions, we need to analyze each of them. Let's go through the transactions one by one:

1. Transferred cash from a personal bank account to a business account, $30,000.
This transaction does not directly impact accounts payable or professional fees. It represents an investment of capital into the business.

2. Purchased a used automobile for $19,500, paying $4,500 cash and giving a note payable for the remainder.
In this transaction, there is a note payable involved. However, note payable is a separate liability account and not considered accounts payable. Professional fees are not affected by this transaction.

3. Paid April rent for office and workroom, $3,000.
This transaction does not affect accounts payable or professional fees. It represents the payment of rent expense.

4. Paid cash for supplies, $1,450.
This transaction also does not involve accounts payable or professional fees. It represents the purchase of supplies.

5. Purchased office and computer equipment on account, $6,000.
Here, the purchase is made on account, which means the payment will be made in the future. The accounts payable account increases by $6,000, representing the amount owed to the supplier. However, professional fees are not affected by this transaction.

6. Paid cash for annual insurance policies on automobile and equipment, $2,000.
This transaction does not relate to accounts payable or professional fees. It represents the payment of insurance expense.

7. Received cash from a client for plans delivered, $7,500.
This transaction represents the earning of professional fees. The professional fees account increases by $7,500.

8. Paid cash to creditors on account, $1,750.
In this transaction, the accounts payable account decreases by $1,750, representing the payment made to a creditor. This relates to accounts payable but not professional fees.

9. Paid cash for miscellaneous expenses, $500.
Similar to previous transactions, this payment does not directly affect accounts payable or professional fees. It represents the payment of miscellaneous expenses.

10. Received an invoice for blueprint service, due in May, $1,000.
This transaction does not immediately impact accounts payable. It represents a billing to be paid in the future. However, professional fees will increase by $1,000.

11. Recorded fees earned on plans delivered, payment to be received in May, $5,200.
This transaction increases the professional fees account by $5,200 but does not involve accounts payable.

12. Paid salary of assistant, $1,600.
This payment does not relate to accounts payable or professional fees. It represents the payment of a salary expense.

13. Paid cash for miscellaneous expenses, $325.
Similar to transaction 9, this payment does not affect accounts payable or professional fees. It represents the payment of miscellaneous expenses.

14. Paid installment due on note payable, $250.
This transaction relates to the note payable liability but not accounts payable or professional fees.

15. Paid gas, oil, and repairs on automobile for April, $400.
This payment represents an automobile expense and does not involve accounts payable or professional fees.

Based on the analysis, we can see that the total professional fees earned in the given transactions amount to $7,500 + $5,200 = $12,700. However, the accounts payable value does not change since no additional payments were made to creditors in the transactions provided.

To summarize, the professional fees earned in the given transactions amount to $12,700, while the accounts payable remains unchanged at $6,000.