Question
This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation. Oct. 2 Hires an
This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $30,000 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 $4,600, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time). Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $700 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $3,500 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 0 for the amount.) Oct. 1 Debits increase assets: debit Cash $ 30000 Credits increase stockholders' equity: credit Common stock $ 30000 Oct. 2 Debits increase no effect: debit___ $______ Credits increase ______ credit ____$_______ Oct 3 Debits increase assets: debit ______ $ 4600 Credits increase liabilities: credit Accounts payable $ 4600 . Oct. 6 Debits increase :_____ debit ____ $_____ Credits increase :____ credit ___ $____ Oct. 10 Debits increase assets: debit ___ Cash $ 140 Credits increase ____ credit ____ $____ Oct 27 Debits decrease :_____ debit_____ $____ Credits decrease :___ credit____ $.____ Oct 30 Debits increase :____ debit ____ $____ Credits decrease :_____ credit ___ $.____
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