This information relates to Novak Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $33,600 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,480. Buys office furniture for $3,780, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time). Receives cash of $145 as commission for acting as rental agent renting an apartment. Pays $670 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,040 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then select 'No Effect' for the account.)

This information relates to Novak Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $33,600 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,480. Buys office furniture for $3,780, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time). Receives cash of $145 as commission for acting as rental agent renting an apartment. Pays $670 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,040 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then select 'No Effect' for the account.)

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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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
Am. 1114.
Dec. Description 6 Smith invested $150 000 in the business, which in turn issued its share capital to her. 9 The business paid cash for land costing $64 000. Smith plans to build an office building on the land. 12 The business purchased medical supplies for $2 400 on account. 15-31 Dr. Caren Smith, P.C., officially opened for business. 15-31 During the rest of the month, Smith treated patients and earned service revenue of $9 800, receiving cash for half the revenue earned. 31 The business paid cash expenses: employee salaries, $3 600; office rent, $900; utilities, $400. 31 The business sold medical supplies to another physician for cost of $1 000 and received cash. 31 The business borrowed $34 000, signing a note payable to the bank. 31 The business paid $1 300 on account.