Question

Service revenues and Salaries and wages expense as well.

This information relates to McCall Real Estate Agency. Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. Oct. 1 Buys office furniture for $3,800, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. 10 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Post the transactions to T-accounts. (Post entries in the order of information presented in the question.) Cash Oct. 1 Accounts Receivable Equipment Accounts Payable Common Stock

Answer 1

Cash
Oct-01	$ 30,000	Oct-27	$                                 700
Oct-10	$       140	Oct-30	$                             3,000
Bal	$ 26,440
Account receivables
Oct-06	$ 10,800
Bal	$ 10,800
Equipment
Oct-03	$   3,800
Bal	$   3,800
Accounts Payable
Oct-27	$       700	Oct-03	$                             3,800
		Bal	$                             3,100
Commom stock
		Oct-01	$                           30,000
		Bal	$                           30,000
Service revenue
		Oct-06	$                           10,800
		Oct-10	$                                 140
		Bal	$                           10,940
Salaries and wages expense
Oct-30	$   3,000
Bal	$   3,000