Question

Exercise 3-14 This information relates to Swifty Real Estate Agency. WN Oct. 1 Stockholders invest $31,200 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $32,520. Buys office furniture for $3,820, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,210 (not paid by Roads at this time). 10 Receives cash of $220 as commission for acting as rental agent renting an apartment. 27 Pays $660 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,710 in salary for October. Post the transactions to T-accounts. (Post entries in the order of information presented in the question.) Cash < Accounts Receivable < <

Answer 1

Requirement (1) Cash 1-Oct $31,200 27-Oct| $ 660 10-Oct $ 220 30-Oct $ 2,710 31-Oct $ 28,050 Credit Requirement (2) Swifty Real Estate Agency Trial Balance October 31, 2022. Debit Cash $ 28,050 Accounts Receivable $ 10,210 Equipment $ 3,820 Accounts Payable Common Stock Service Revenue Salaries and Wages Expense $ 2,710 Accounts Receivable 6-Oct $10,210 31-Oct $10,210 $ 3,160 $31,200 $ 10,430 Equipment 3-Oct $ 3,820 31-Oct $ 3,820 $ 44,790 $ 44,790 Accounts Payable 27-Oct| $ 660 3-Oct $ 3,820 31-Oct $ 3,160 Note : Please comment down for any further clarifications. Common Stock 1-Oct $31,200 31-Oct $ 31,200 Service Revenue 6-Oct $ 10,210 10-Oct $ 220 31-Oct $ 10,430 Salaries and wages expense 30-Oct $ 2,710 31-Oct $ 2,710