(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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I need help with this practice exercise E 310 and E 311. I can't do the practice because I don't understand them.
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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