Question

The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2011: \begin{tabular}{|c|c|c|c|} \hline Accounts Payable & $ \$ 8,500 $ & Furniture and Fixtures & 20,000 \\ \hline Accounts Receivable . . . . . . . . . & 1,250 & Land . . . . . . . . . . . . . & $ \$ 55,000 $ \\ \hline Building & 45,500 & Notes Payable & $ ? $ \\ \hline Capital Stock & 50,000 & Retained Earnings & 4,090 \\ \hline Cash. & 7,400 & Supplies & 3,440 \\ \hline \end{tabular} The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $ \$ 30,000 $. The accounts payable were paid in full. (No payment was made on the notes payable.) Oct. 6 More furniture was purchased on account at a cost of $ \$ 18,000 $, to be paid within 30 days. Supplies were purchased for $ \$ 1,000 $ cash from a restaurant supply center that was going out of business. These supplies would have cost $ \$ 1,875 $ if purchased under normal circumstances. Oct. 1-6 Revenues of $ \$ 5,500 $ were earned and paid in cash. Expenses required to earn the revenues of $ \$ 4,000 $ were incurred and paid in cash.

          The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2011:
\begin{tabular}{|c|c|c|c|}
\hline Accounts Payable & \( \$ 8,500 \) & Furniture and Fixtures & 20,000 \\
\hline Accounts Receivable . . . . . . . . . & 1,250 & Land . . . . . . . . . . . . . & \( \$ 55,000 \) \\
\hline Building & 45,500 & Notes Payable & \( ? \) \\
\hline Capital Stock & 50,000 & Retained Earnings & 4,090 \\
\hline Cash. & 7,400 & Supplies & 3,440 \\
\hline
\end{tabular}

The transactions occurring during the first week of October were:
Oct. 3 Additional capital stock was sold for \( \$ 30,000 \). The accounts payable were paid in full. (No payment was made on the notes payable.)

Oct. 6 More furniture was purchased on account at a cost of \( \$ 18,000 \), to be paid within 30 days. Supplies were purchased for \( \$ 1,000 \) cash from a restaurant supply center that was going out of business. These supplies would have cost \( \$ 1,875 \) if purchased under normal circumstances.

Oct. 1-6 Revenues of \( \$ 5,500 \) were earned and paid in cash. Expenses required to earn the revenues of \( \$ 4,000 \) were incurred and paid in cash.

The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2011:

Accounts Payable $ 8,500 Furniture and Fixtures 20,000

Accounts Receivable . . . . . . . . . 1,250 Land . . . . . . . . . . . . . $ 55,000

Building 45,500 Notes Payable ?

Capital Stock 50,000 Retained Earnings 4,090

Cash. 7,400 Supplies 3,440

The transactions occurring during the first week of October were:
Oct. 3 Additional capital stock was sold for $ 30,000. The accounts payable were paid in full. (No payment was made on the notes payable.)

Oct. 6 More furniture was purchased on account at a cost of $ 18,000, to be paid within 30 days. Supplies were purchased for $ 1,000 cash from a restaurant supply center that was going out of business. These supplies would have cost $ 1,875 if purchased under normal circumstances.

Oct. 1-6 Revenues of $ 5,500 were earned and paid in cash. Expenses required to earn the revenues of $ 4,000 were incurred and paid in cash.

Added by Richard A.

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