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(b) Journalize the transactions. Do not E3-7 This information relates to Crofoot Real Estate Agency. Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Receives cash of $140 as commission for acting as rental agent renting an 2 3 10 apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126. E3-8 Transaction data for Crofoot Real Estate Agency are presented in E3-7. Instructions Journalize the transactions. Do not provide explanations. E3-9 The May transactions of Hanschu Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. Paid employees $530 in cash. 17 22 Received bill for equipment repairs of $900. 29 Paid $1,200 for 12 months of insurance policy. Coverage begins June 1. Instructions Journalize the transactions. Do not provide explanations. E3-10 Transaction data and journal entries for Crofoot Real Estate Agency are presented in E3-7 and E3-8. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at October 31, 2014. E3-11 Selected to

(b) Journalize the transactions. Do not E3-7 This information relates to Crofoot Real Estate Agency. Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Receives cash of $140 as commission for acting as rental agent renting an 2 3 10 apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126. E3-8 Transaction data for Crofoot Real Estate Agency are presented in E3-7. Instructions Journalize the transactions. Do not provide explanations. E3-9 The May transactions of Hanschu Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. Paid employees $530 in cash. 17 22 Received bill for equipment repairs of $900. 29 Paid $1,200 for 12 months of insurance policy. Coverage begins June 1. Instructions Journalize the transactions. Do not provide explanations. E3-10 Transaction data and journal entries for Crofoot Real Estate Agency are presented in E3-7 and E3-8. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at October 31, 2014. E3-11 Selected to

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with this practice exercise E 310 and E 311. I can't do the practice because I don't understand them. 

142 chapter 3 The Accounting Information System Analyze transactions and determine their effect on accounts. (LO 3), C Journalize transactions. (LO 5), AP Journalize a series of transactions. (LO 4, 5), AP Post journal entries and prepare a trial balance. (LO 7, 8), AP Analyze transactions, prepare journal entries, and post transactions to T-accounts. (LO 1, 5, 7), AP (a) Trans- Basic action Type Asset 1 (c) Account Debited (b) Specific Account Cash Effect Increase 2 3 6 (a) (d) Normal Basic Balance Type Debit 10 holders' equity (b) Journalize the transactions. Do not provide explanations. E3-7 This information relates to Crofoot Real Estate Agency. Account Credited (c) (b) Specific Account Stock-Common Stock Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Effect Increase 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. (d) Normal Balance Credit Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126. E3-8 Transaction data for Crofoot Real Estate Agency are presented in E3-7. Instructions Journalize the transactions. Do not provide explanations. E3-9 The May transactions of Hanschu Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. 17 22 29 Paid employees $530 in cash. Received bill for equipment repairs of $900. Paid $1,200 for 12 months of insurance policy. Coverage begins June 1. Instructions Journalize the transactions. Do not provide explanations. E3-10 Transaction data and journal entries for Crofoot Real Estate Agency are presented in E3-7 and E3-8. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at October 31, 2014. are presented below. E3-11 Selected transactions for Protheroe Corporation during its first month in business Sept. 1 Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance = on account. 8 Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivable + Equipment holders' in the right margin, as shown on page 110. Accounts Payable + Stock- Equity. For transactions affecting stockholders' equity, provide explanations (c) Post the transactions to T-accounts. (b) Journalize the transactions. Do not provide explanations.
Transcribed Image Text:142 chapter 3 The Accounting Information System Analyze transactions and determine their effect on accounts. (LO 3), C Journalize transactions. (LO 5), AP Journalize a series of transactions. (LO 4, 5), AP Post journal entries and prepare a trial balance. (LO 7, 8), AP Analyze transactions, prepare journal entries, and post transactions to T-accounts. (LO 1, 5, 7), AP (a) Trans- Basic action Type Asset 1 (c) Account Debited (b) Specific Account Cash Effect Increase 2 3 6 (a) (d) Normal Basic Balance Type Debit 10 holders' equity (b) Journalize the transactions. Do not provide explanations. E3-7 This information relates to Crofoot Real Estate Agency. Account Credited (c) (b) Specific Account Stock-Common Stock Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Effect Increase 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. (d) Normal Balance Credit Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126. E3-8 Transaction data for Crofoot Real Estate Agency are presented in E3-7. Instructions Journalize the transactions. Do not provide explanations. E3-9 The May transactions of Hanschu Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies for $850 on account. 9 Purchased equipment for $1,000 in cash. 17 22 29 Paid employees $530 in cash. Received bill for equipment repairs of $900. Paid $1,200 for 12 months of insurance policy. Coverage begins June 1. Instructions Journalize the transactions. Do not provide explanations. E3-10 Transaction data and journal entries for Crofoot Real Estate Agency are presented in E3-7 and E3-8. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at October 31, 2014. are presented below. E3-11 Selected transactions for Protheroe Corporation during its first month in business Sept. 1 Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance = on account. 8 Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivable + Equipment holders' in the right margin, as shown on page 110. Accounts Payable + Stock- Equity. For transactions affecting stockholders' equity, provide explanations (c) Post the transactions to T-accounts. (b) Journalize the transactions. Do not provide explanations.
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