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.
