*Exercise 3-10 This information relates to Crofoot Real Estate Agency. Oct. 1 St
ID: 2381953 • Letter: #
Question
*Exercise 3-10
This information relates to Crofoot Real Estate Agency.Oct. 1 Stockholders invest $30,350 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $40,200. 3 Buys office furniture for $3,790, on account. 6 Sells a house and lot for M.E. Graves; commissions due from Graves, $10,340 (not paid by Graves at this time). 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $770 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,350 in salary for October. This information relates to Crofoot Real Estate Agency. Stockholders invest $30,350 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $40,200. Buys office furniture for $3,790, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,340 (not paid by Graves at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $770 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,350 in salary for October. Prepare a trial balance at October 31, 2014.
Explanation / Answer
DR Cash 30,350
CR Common Stock 30,350
No entry required
DR Fixed assets- furniture 3,790
CR Accounts Payable 3,790
DR Accounts Receivable 10,340
CR Commissions revenue 10,340
Dr Cash 140
CR Commissions Revenue 140
Dr Accounts Payable 770
CR Cash 770
DR Salaries expense 3,350
CR Cash 3,350
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