This information relates to McCall Real Estate Agency. Oct. 1 Stockholders inves

Question

This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $30,100 in exchange for common stock of the corporation 2 Hires an administrative assistant at an annual salary of $31,200. 3 Buys office furniture for $3,710, on account 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,100 (not paid by Roads at this time). 10 Receives cash of $230 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 $2,600 in salary for October.

Explanation / Answer

T-accounts

Note: No entry is required on October 2 on hiring the administrative assistant.

Cash Accounts Receivable Oct. 1 30100 Oct. 27 730 Oct. 6 10100 Oct. 10 230 Oct. 30 2600 Oct. 31 Bal. 27000 Oct. 31 Bal. 10100 Office Furniture Accounts Payable Oct. 3 3710 Oct. 27 730 Oct. 3 3710 Oct. 31 Bal. 3710 Oct. 31 Bal. 2980 Common Stock Commissions Revenue Oct. 1 30100 Oct. 6 10100 Oct. 10 230 Oct. 31 Bal. 30100 Oct. 31 Bal. 10330 Salaries Expense Oct. 30 2600 Oct. 31 Bal. 2600

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