Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information related to Pharoah Company. Oct. 1 2 3 Diane Lexington begins business as a real estate agent with a cash investment

image text in transcribed
image text in transcribed
image text in transcribed
Presented below is information related to Pharoah Company. Oct. 1 2 3 Diane Lexington begins business as a real estate agent with a cash investment of $20,700 in exchange for common stock. Hires an administrative assistant. Purchases office furniture for $1,800, on account. Sells a house and lot for N. Fennig: bills N. Fennig $3,900 for realty services performed. Pays $1.500 on the balance related to the transaction of October 3. Pays the administrative assistant $2,850 in salary for October 6 27 30 Prepare the debit-credit analysis for each transaction.(If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit-Credit Analysis Oct. 1 Debits Debit Credits V: Credit Oct. 2 Debits V: Debit Credits V: Credit Oct. 3 Debits 3 Debit Credits Credit Oct. 6 Debits Debit Credits Credit Oct. 27 Debits Debit Credits : Credit I Oct. 30 Debits Debit Credits Credit Debit-Credit Analysis v : Debit : Credit $ Debit : Credit : Debit $ V . Credit $ : Debit $ Credit V: Debit $ $ V: Credit V: Debit $ : Credit $

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

Financial accounting

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

8th Edition

9780135114933, 136108865, 978-0136108863

More Books

Students also viewed these Accounting questions

Question

socialist egalitarianism which resulted in wage levelling;

Answered: 1 week ago

Question

soyuznye (all-Union, controlling enterprises directly from Moscow);

Answered: 1 week ago