Current Attempt in Progress The following information relates to Bramble Real Estate Agency. Oct. 1 James Bramble begins business as a real estate agent with a cash investment of $21,900. Hires an administrative assistant. Purchases office furniture for $2,774, on account. Sells a house and lot for C. Rouse; bills C. Rouse $5,256 for realty services performed. Pays $1,606 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,650 in salary for October. 2 Oct. 1 3 27 Oct. 2 6 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debits Credits Debits Credits : : : Affect on Accounts Debit Credit : Debit Debit-Credit Analysis Credit $ $ $ LA A

Current Attempt in Progress The following information relates to Bramble Real Estate Agency. Oct. 1 James Bramble begins business as a real estate agent with a cash investment of $21,900. Hires an administrative assistant. Purchases office furniture for $2,774, on account. Sells a house and lot for C. Rouse; bills C. Rouse $5,256 for realty services performed. Pays $1,606 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,650 in salary for October. 2 Oct. 1 3 27 Oct. 2 6 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debits Credits Debits Credits : : : Affect on Accounts Debit Credit : Debit Debit-Credit Analysis Credit $ $ $ LA A

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Description: Current Attempt in ProgressThe following information relates to Bramble Real Estate Agency.Oct. 1James Bramble begins business as a real estate agent with a cash investment of $21,900.Hires an administrative assistant.Purchases office furniture for

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Current Attempt in Progress
The following information relates to Bramble Real Estate Agency.
Oct. 1
James Bramble begins business as a real estate agent with a cash investment of $21,900.
Hires an administrative assistant.
Purchases office furniture for $2,774, on account.
Sells a house and lot for C. Rouse; bills C. Rouse $5,256 for realty services performed.
Pays $1,606 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $3,650 in salary for October.
2
Oct.
1
3
27
Oct.
2
6
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
Debits
Credits
Debits
Credits
Affect on Accounts
Debit
Credit
Debit
Debit-Credit Analysis
Credit
$
$
$
$
A

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Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $25,000 from personal funds. Purchased office supplies on account, $2,540. Paid creditor on account, $1,610. Earned sales commissions, receiving cash, $25,920. Paid rent on office and equipment for the month, $5,080. Withdrew cash for personal use, $8,000. Paid automobile expenses (including rental charge) for the month, $2,440, and miscellaneous expenses, $1,170. Paid office salaries, $3,060. Determined that the cost of supplies on hand was $860; therefore, the cost of supplies used was $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…
Transactions; Financial Statements On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: Opened a business bank account with a deposit of $34,000 from personal funds. Purchased office supplies on account, $3,470. Paid creditor on account, $2,190. Earned sales commissions, receiving cash, $35,390. Paid rent on office and equipment for the month, $6,940. Withdrew cash for personal use, $11,000. Paid automobile expenses (including rental charge) for the month, $3,330, and miscellaneous expenses, $1,590. Paid office salaries, $4,180. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $2,300. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers. Assets = Liabilities + Owner's Equity Cash +…