This information relates to Marx Real Estate Agency Corporation: Oct. 1 Lynn Marx begins business as a

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This information relates to Marx Real Estate Agency Corporation:

Oct. 1 Lynn Marx begins business as a real estate agent with a cash investment of \(\$ 13,000\) in exchange for common stock of the corporation.

2 Hires an administrative assistant.

3 Buys office furniture for \(\$ 1,900\), on account.

6 Sells a house and lot for B. Rollins; commissions due from Rollins, \(\$ 3,200\) (not paid by Rollins at this time).

10 Receives cash of \(\$ 140\) as commissions for renting an apartment for the owner of the apartment.

27 Pays \(\$ 700\) on account for the office furniture purchased on October 3.

30 Pays the administrative assistant \(\$ 960\) in salary for October.

\section*{Instructions}

Prepare the debit-credit analysis for each transaction as illustrated on pages 105-108.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471169192

1st Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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