Exercise 3-13 This information relates to McCall Real Estate Agency Oct. 1 Stock

Question

Exercise 3-13 This information relates to McCall Real Estate Agency Oct. 1 Stockholders invest $29,700 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,720 3 Buys office furniture for $3,670, on account. 6 Sells a house and 10 Receives cash of $190 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 $2,560 in salary for October. lot for E. C. Roads; commissions due from Roads, $10,060 (not paid by Roads at this time).

Explanation / Answer

T- Accounts

1. Cash account

2. Accounts Receivable account

3. Equipment account

4. Accounts Payable account

5. Common Stock account

6. Service revenue account

7. Salaries and Wages Expense account

Trail Balance at October 31, 2017

Cash Oct. 1 $29,700 Oct. 27 $730 Oct. 10 $190 Oct. 30 $2,560 Oct. 31 $26,600

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