Question
Capital Financial Advisors Limited had the following transactions during January, its first month of operations: a Issued to Marvin Tycoon 9,000 shares of share capital
Capital Financial Advisors Limited had the following transactions during January, its first month of operations:
a Issued to Marvin Tycoon 9,000 shares of share capital 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 to an individual who invests $10,000 in the business.
Record the above transactions in the T accounts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started