Nancy Boyd is a realtor. She organized her business as a corporation on September 16, 2015. The business received $80,000 from Boyd and issued common stock. Consider these facts as of September 30, 2015.

a. Boyd has $22,000 in her personal bank account and $56,000 in the business bank account.

b. Boyd owes $2,000 on a personal charge account with Ann Taylor Clothing Stores.

c. Boyd acquired business furniture for $50,000 on September 25. Of this amount, the business owes $41,000 on accounts payable at September 30.

d. Office supplies on hand at the real estate office total $3,000.

e. Boyds business owes $86,000 on a note payable for some land acquired for a total price of $117,000.

f. Boyds business spent $25,000 for a Nationwide Realty franchise, which entitles her to represent herself as an agent. Nationwide Realty is a national affiliation of independent real estate agents. This franchise is a business asset.

g. Boyd owes $124,000 on a personal mortgage on her personal residence, which she acquired in 2009 for a total price of $375,000.

REQUIREMENTS

To create journal entries in QuickBooks