ACCT2110 Financial Accounting Chapter Three Accounting Information System Homewo

Question

ACCT2110 Financial Accounting Chapter Three Accounting Information System Homework Problem 1. This information relates to Matthews Real Estate Agency Corporation. Oct. 1 Stockholders invested $25,000 in exchange for common stock of the corporation 2 Hires an administrative assistant at an annual salary of $42,000 Buys office furniture for $3,600, on account. Sells a house and lot for M.E. Mills; commissions due from Mills, $10,800 (not paid by Mills at this time). 1O Receives cash of S140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3 Instructions Prepare the debit credit analysis for each transaction. Problem 2. Transaction data for Matthews Real Estate Agency are presented in P1. ays the administrative assistant $3,500 in salary for October Instructions Journalize the transactions. Do not provide explanations.

Explanation / Answer

1.

2.

Date Debit Credit Oct-01 Increase Assets Increase Stockholders Equity Oct-02 No Effect No Effect Oct-03 Increase Assets Increase liabilities Oct-06 Increase Assets Increase revenues Oct-10 Increase Assets Increase Revenues Oct-27 Decrease Liabilities Decrease Assets Oct-30 Increase expense Decrease Assets

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.