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Current Attempt in Progress This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Date Oct. 1 2 3 10 27 30 Stockholders invest $30,900 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $32,160. Buys office furniture for $3,790, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,180 (not paid by Roads at this time). Receives cash of $190 as commission for acting as rental agent renting an apartment. Pays $610 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,680 in salary for October. Account Titles and Explanation Cash Common Stock No entry Equipment Accounts Payable Accounts Receivable Service Revenue Cash Service Revenue Accounts Payable Cash Salaries and Wages Expense Cash Debit Credit 30,900 3,790 10,180 190 610 2,680 30,900 3.790 10.180 190 610 2.680

Current Attempt in Progress This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Date Oct. 1 2 3 10 27 30 Stockholders invest $30,900 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $32,160. Buys office furniture for $3,790, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,180 (not paid by Roads at this time). Receives cash of $190 as commission for acting as rental agent renting an apartment. Pays $610 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,680 in salary for October. Account Titles and Explanation Cash Common Stock No entry Equipment Accounts Payable Accounts Receivable Service Revenue Cash Service Revenue Accounts Payable Cash Salaries and Wages Expense Cash Debit Credit 30,900 3,790 10,180 190 610 2,680 30,900 3.790 10.180 190 610 2.680

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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Current Attempt in Progress This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Date Oct. 1 2 3 27 Stockholders invest $30,900 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $32,160. Buys office furniture for $3,790, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,180 (not paid by Roads at this time). Receives cash of $190 as commission for acting as rental agent renting an apartment. Pays $610 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,680 in salary for October. 30 Account Titles and Explanation Cash Common Stock No entry Equipment Accounts Payable Accounts Receivable 10 Cash Service Revenue Service Revenue Accounts Payable Cash Salaries and Wages Expense Cash Debit Credit 30,900 3,790 10,180 190 610 2,680 30,900 3,790 10.180 190 610 2,680
Transcribed Image Text:Current Attempt in Progress This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Date Oct. 1 2 3 27 Stockholders invest $30,900 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $32,160. Buys office furniture for $3,790, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,180 (not paid by Roads at this time). Receives cash of $190 as commission for acting as rental agent renting an apartment. Pays $610 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,680 in salary for October. 30 Account Titles and Explanation Cash Common Stock No entry Equipment Accounts Payable Accounts Receivable 10 Cash Service Revenue Service Revenue Accounts Payable Cash Salaries and Wages Expense Cash Debit Credit 30,900 3,790 10,180 190 610 2,680 30,900 3,790 10.180 190 610 2,680
Post the transactions to T-accounts and determine month-end balances. (Post entries in the order of information presented in the question) Oct. 30 V Cash Accounts Receivable Oct. 30 Equipment Accounts Payable Common Stock Service Revenue Salaries and Wages Expense 10
Transcribed Image Text:Post the transactions to T-accounts and determine month-end balances. (Post entries in the order of information presented in the question) Oct. 30 V Cash Accounts Receivable Oct. 30 Equipment Accounts Payable Common Stock Service Revenue Salaries and Wages Expense 10
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