The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services proprietorship..
2) Mark paid the first month's rent with $700.
3) Mark purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4) Mark purchased supplies for $850 cash.
5) Mark billed a client for $4,000 of design services completed.
6) Mark received $3,000 of the account for the completed services.
What is the balance in Notes payable?

Question

Quizplus · Accepted Answer

The balance in Notes Payable is $4,500, as this was the amount executed for the equipment purchase and there were no other transactions affecting this account.

The Following Transactions Have Been Journalized and Posted to the Proper