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. 2 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 lot for E. C. Roads, commissions due from Roads, $10,060 (not paid by Roads at this time) 10Receives 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 Post the transactions to T-accounts. (Post entries in the order of information presented in the question.) Cash Equipment

Explanation / Answer

Posting of transactions to T accounts (Amounts in $)

Cash

  Accounts Receivable

Equipment

Accounts Payable

Common Stock

  Service Revenue

Salaries and Wages Expense

MCCALL REAL ESTATE AGENCY

Trial Balance

as at October 31, 2017 (Amounts in $)

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

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