Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This information relates to Flint Real Estate Agency, Oct. 1 2 3 6 Stockholders invest $ 30,740 in exchange for common stock of the corporation

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
This information relates to Flint Real Estate Agency, Oct. 1 2 3 6 Stockholders invest $ 30,740 in exchange for common stock of the corporation Hires an administrative assistant at an annual salary of $ 38,880. Buys office furniture for $3,630, on account Sells a house and lot for E.C. Roads commissions due from Roads, $ 12,010 (not paid by Roads at this time). Receives cash of $ 135 as commission for acting as rental agent renting an apartment. Pays $ 620 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,240 in salary for October. 10 27 30 Prepare the debit-credit analysis for each transaction. If there is no transaction, then enter No Effect for the account and for the amount.) Oct. 1 Debits Decrease Assets Debit Cash 30740 Credits Increase Stockholders' Equity Question 8 of 9 Oct. 1 Debits Decrease Assets Debit Cash $ 30740 Credits Increase Stockholders' Equity Credit Service Revenue 30740 Oct. 2 Debits No Effect Debit No Effect Credits No Effect Credit No Effect $ Oct. 3 Debits Increase Assets Debit $ Credits Question 8 of 9 A A Credits

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

More Books

Students also viewed these Accounting questions

Question

C++ Question Can we create an array of an object? give an example.

Answered: 1 week ago