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December 22, 2014

Homework Help: financial accounting

Posted by Anonymous on Tuesday, March 8, 2011 at 11:36am.

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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