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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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