This information relates to Marx Real Estate Agency Corporation: Oct. 1 Lynn Marx begins business as a
Question:
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.
Step by Step Answer:
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso