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Explain transfer from personal bank account to business

Explain transfer from personal bank account to business

Explain transfer from personal bank account to business

Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she completed the following transactions connected with her professional practice:

a. Transferred cash from a personal bank account to an account to be used for the business, $30,000.

b. Paid May rent for office and workroom, $3,500.

c. Purchased used automobile for $25,000, paying $5,000 cash and giving a note payable for the remainder.

d. Purchased office and computer equipment on account, $9,000.

e. Paid cash for supplies, $1,200.

f. Paid cash for annual insurance policies, $2,400.

g. Received cash from client for plans delivered, $8,150.

h. Paid cash for miscellaneous expenses, $300.

i. Paid cash to creditors on account, $2,500.

j. Paid installment due on note payable, $400.

k. Received invoice for blueprint service, due in June, $1,200.

l. Recorded fee earned on plans delivered, payment to be received in June, $12,900.

m. Paid salary of assistant, $1,800.

n. Paid gas, oil, and repairs on automobile for May, $600.

Instruction

Record the above transactions in the journalizing, using these accounts:

Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Leila Durkin, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense.

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