Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This information relates to Ayayai Real Estate Agency. Oct. 1 Stockholders invest $29,100 in exchange for common stock of the corporation. 2 Hires an administrative

image text in transcribedimage text in transcribedimage text in transcribed

This information relates to Ayayai Real Estate Agency. Oct. 1 Stockholders invest $29,100 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $30,000. 3 Buys office furniture for $3,610, 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 $130 as commission for acting as rental agent renting an apartment. 27 Pays $600 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,500 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and O for the amount.) Oct. 1 Debits Debit ta Credits Credit Oct. 2 Debits Debit Credits Credit $ Oct. 3 Debits Debit Credits Credit Oct. 6 Debits Debit Credits Credit Oct. 10 Debits Debit Credits Credit Oct. 27 Debits Debit Credits Credit Oct. 30 Debits Debit Credits Credit eTextbook and Media

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_2

Step: 3

blur-text-image_3

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

Food Hygiene Auditing

Authors: N. Chesworth

1997th Edition

1461380545, 978-1461380542

More Books

Students also viewed these Accounting questions

Question

Discuss consumer-driven health plans.

Answered: 1 week ago