resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of£18,000 in exchange for shares. 2 Hires an administrative assistant. 3 Purchases office equipment for £1,700, on account. 6 Sells a house and lot for B. Clinton; bills B. Clinton £4,200 for realty services performed. 27 Pays £900 on the balance related to the transaction of October 3. 30 Pays the administrative assistant £2,800 in salary for October. Instructions 1- Journalize the transactions. 2-The T- accounts below summarize the ledger

resented below is information related to Alrand firm.Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of£18,000 in exchange for shares. 2 Hires an administrative assistant. 3 Purchases office equipment for £1,700, on account. 6 Sells a house and lot for B. Clinton; bills B. Clinton £4,200 for realty services performed. 27 Pays £900 on the balance related to the transaction of October 3. 30 Pays the administrative assistant £2,800 in salary for October. Instructions 1- Journalize the transactions. 2-The T- accounts below summarize the ledger

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Description: 11:49 AM X O11.8KB/s A O ll adocs.google.comEEUntitled Sectionresented below is information relatedto Alrand firm.Oct. 1 Arnold Conanbegins business as a real estate agentwith a cash investment of£18,000 inexchange for shares. 2 Hires anadministrati

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 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
2.
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
E3-7 This information relates to Crofoot Real Estate Agency. Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. 3 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). Oct. 1 6. 10 Receives cash of $140 as commission for acting as rental agent renting an 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.
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