Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 3-13 (Part Level Submission) This information relates to McCall Real Estate Agency, Oct. 1 Stockholders invest $30,000 in exchange for common stock of the

image text in transcribed

Exercise 3-13 (Part Level Submission) This information relates to McCall Real Estate Agency, Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation 2 Hires an administrative assistant at an annual salary of $36,000. 3 Buys office furniture for $3,800, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,000 (not paid by Roads at this time). 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Your answer is partially correct. Try again. Post the transactions to T-accounts. (Post entries in the order of information presented in the question.) Cash 30,000 Oct. 27 Oct. 1 700 Oct. 10 V 140 Oct. 30 V 3,000 Bal. 30,140 Bal. 3,700 Accounts Receivable Oct. 6 10,8001 Bal 10,800 | Bal. Equipment Oct. 3 3,800 Bal. 3,800 Bal. Accounts Payable 700|| Oct. 3 Oct. 27 V 3,800 Bal. 700 Bal. 3,800 Common Stock Oct. 1 30,000 Bal. 0 Bal. 30,000 Service Revenue Oct. 6 V 10,800 Oct. 10 V 140 Bal. Bal. 10,940 Salaries and Wages Expense 3,000 Oct. 30 V Bal. 3,000 Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CPA Comprehensive Exam Review Auditing And Attestation

Authors: Nathan M. Bisk

43rd Edition

088128095X, 978-0881280951

More Books

Students also viewed these Accounting questions

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

Distinguish between formal and informal reports.

Answered: 1 week ago