Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oct. 1 Stockholders invested $30,399 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 1 Stockholders invested $30,399 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $4,851, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $11,051 (not paid by Petty at this time). Oct. 10 Receives cash of $539 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $951 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $3,899 in salary for October. PLUNKETT REAL ESTATE AGENCY Trial Balance October 31, 2012 Debit Credit Cash 15037 0 Accounts receivable 11051 0 Office furniture 4851 0 Accounts payable 0 3900 Common stock 0 30399 Service revenue 3899 0 Salaries expense 34838 0 Totals 34838 34838
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started