Capital Financial Advisors Limited had the following transactions during January, its first month of operations:
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.
INSTRUCTIONS:
Record the above transactions directly in the T accounts below. Identify each entry in a T account with the letter shown for the transaction.
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