I used many of my pts for the question to be answered fast and the person did no

Question

I used many of my pts for the question to be answered fast and the person did not answer fully and now I have to buy more credits. I need to know what happens to the assests, liabilities, revenues, expenses, etc. Whatever is needed for that date you can see it on the left side of the debit credit anaylsis.

Presented below is information related to Hanshew Real Estate Agency.

Prepare the debit-credit analysis for each transaction.

Presented below is information related to Hanshew Real Estate Agency.

Oct. 1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock. 2 Hires an administrative assistant. 3 Purchases office furniture for $1,900, on account. 6 Sells a house and lot for B. Kidman; bills B. Kidman $3,200 for realty services provided. 27 Pays $700 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2,500 in salary for October.

Prepare the debit-credit analysis for each transaction.

Oct. 1 Credits increaseDebits decreaseCredits decreaseDebits increase assets: DebitCredit Cash. Debits decreaseDebits increaseCredits decreaseCredits increase stockholders' equity: DebitCredit Common Stock 2 No transaction. 3 Debits decreaseDebits increaseCredits increaseCredits decrease assets: CreditDebit Office Furniture. Debits increaseDebits decreaseCredits decreaseCredits increase liabilities: CreditDebit Accounts Payable. 6 Debits decreaseCredits increaseCredits decreaseDebits increase assets: DebitCredit Accounts Receivable. Debits increaseDebits decreaseCredits decreaseCredits increase revenues: CreditDebit Service Revenue. 27 Credits increaseDebits increaseCredits decreaseDebits decrease liabilities: DebitCredit Accounts Payable. Debits increaseCredits increaseCredits decreaseDebits decrease assets: DebitCredit Cash. 30 Credits decreaseCredits increaseDebits decreaseDebits increase expenses: CreditDebit Salaries Expense. Debits decreaseCredits decreaseDebits increaseCredits increase assets: CreditDebit Cash. Click if you would like to Show Work for this question: Open Show Work
I used many of my pts for the question to be answered fast and the person did not answer fully and now I have to buy more credits. I need to know what happens to the assests, liabilities, revenues, expenses, etc. Whatever is needed for that date you can see it on the left side of the debit credit anaylsis. Presented below is information related to Hanshew Real Estate Agency. Prepare the debit-credit analysis for each transaction.

Explanation / Answer

Oct 1 Cash A/c Debit

Common stock Credit

[Debit increases assets and Credits increases Common stock]

Oct 2 No entry as no monetary transaction takes place

Oct 3 Office Furniture Debit

Accounts Payable. Credit

[Debit increases assets and Credits increases Liabilities]

Oct 6 Accounts Receivable Debit

Service Revenue. Credit

[Debit increases assets and Credits increases Income]

Oct 23 Accounts Payable. debit

Cash. Credit

[Debit Decreases Liabilities and Credits Decreases Assets]

Oct 30 Salaries Expense Debit

Cash. Credit

[Debit increases expense and Credits Decreases Assets]

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

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