This information relates to McCall Real Estate Agency, accou…
This information relates to McCall Real Estate Agency.
Oct. 1
Stockholders invest $31,120 in exchange for common stock of the corporation.
2
Hires an administrative assistant at an annual salary of $36,600.
3
Buys office furniture for $3,760, on account.
6
Sells a house and lot for E. C. Roads; commissions due from Roads, $12,780 (not paid by Roads at this time).
10
Receives cash of $210 as commission for acting as rental agent renting an apartment.
27
Pays $670 on account for the office furniture purchased on October 3.
30
Pays the administrative assistant $3,050 in salary for October.
Prepare the debit–credit analysis for each transaction.
(If there is no transaction, then enter No Effect for the account and 0 for the amount.)
Oct. 1
Debits
Decrease AssetsIncrease Stockholders’ EquityDecrease LiabilitiesDecrease ExpensesNo EffectIncrease LiabilitiesIncrease RevenuesIncrease AssetsDecrease Stockholders’ EquityIncrease ExpensesDecrease Revenues
Debit
Service RevenueAccounts ReceivableSalaries and Wages ExpenseEquipmentNo EffectCashAccounts PayableCommon Stock
$
Credits
Decrease RevenuesDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease AssetsDecrease LiabilitiesIncrease ExpensesIncrease RevenuesIncrease Stockholders’ EquityDecrease Stockholders’ Equity
Credit
Salaries and Wages ExpenseNo EffectCashService RevenueAccounts ReceivableCommon StockEquipmentAccounts Payable
$
Oct. 2
Debits
Increase ExpensesDecrease RevenuesNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease RevenuesDecrease Stockholders’ EquityDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityDecrease Assets
Debit
Common StockNo EffectEquipmentAccounts PayableCashAccounts ReceivableService RevenueSalaries and Wages Expense
$
Credits
Decrease Stockholders’ EquityIncrease RevenuesDecrease AssetsIncrease ExpensesDecrease RevenuesDecrease ExpensesIncrease Stockholders’ EquityNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease Assets
Credit
Service RevenueAccounts PayableAccounts ReceivableSalaries and Wages ExpenseNo EffectCommon StockCashEquipment
$
Oct. 3
Debits
Decrease Stockholders’ EquityIncrease Stockholders’ EquityNo EffectIncrease AssetsDecrease AssetsIncrease LiabilitiesIncrease ExpensesDecrease RevenuesDecrease ExpensesDecrease LiabilitiesIncrease Revenues
Debit
Salaries and Wages ExpenseService RevenueAccounts PayableNo EffectCashCommon StockEquipmentAccounts Receivable
$
Credits
Increase LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesDecrease RevenuesNo EffectDecrease ExpensesIncrease AssetsIncrease ExpensesDecrease LiabilitiesDecrease Stockholders’ Equity
Credit
Accounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService RevenueCommon StockEquipmentNo Effect
$
Oct. 6
Debits
No EffectDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesIncrease ExpensesIncrease AssetsIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease Revenues
Debit
CashSalaries and Wages ExpenseNo EffectAccounts PayableAccounts ReceivableService RevenueCommon StockEquipment
$
Credits
Decrease RevenuesDecrease ExpensesIncrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesDecrease Stockholders’ EquityDecrease AssetsIncrease Stockholders’ EquityIncrease RevenuesIncrease Expenses
Credit
EquipmentSalaries and Wages ExpenseNo EffectCashCommon StockAccounts PayableAccounts ReceivableService Revenue
$
Oct. 10
Debits
Increase LiabilitiesDecrease AssetsDecrease Stockholders’ EquityDecrease LiabilitiesIncrease AssetsIncrease ExpensesDecrease ExpensesDecrease RevenuesIncrease Stockholders’ EquityIncrease RevenuesNo Effect
Debit
CashEquipmentNo EffectService RevenueCommon StockAccounts PayableAccounts ReceivableSalaries and Wages Expense
$
Credits
Increase AssetsDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesIncrease Stockholders’ EquityDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesNo Effect
Credit
EquipmentCashNo EffectSalaries and Wages ExpenseAccounts PayableAccounts ReceivableCommon StockService Revenue
$
Oct. 27
Debits
Decrease RevenuesDecrease AssetsIncrease LiabilitiesNo EffectDecrease LiabilitiesIncrease RevenuesDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityIncrease ExpensesDecrease Stockholders’ Equity
Debit
CashNo EffectCommon StockEquipmentAccounts PayableAccounts ReceivableService RevenueSalaries and Wages Expense
$
Credits
Decrease AssetsIncrease Stockholders’ EquityDecrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease LiabilitiesIncrease AssetsDecrease ExpensesNo EffectIncrease Liabilities
Credit
Common StockService RevenueEquipmentAccounts ReceivableAccounts PayableSalaries and Wages ExpenseNo EffectCash
$
Oct. 30
Debits
Increase ExpensesDecrease Stockholders’ EquityDecrease ExpensesNo EffectIncrease AssetsDecrease RevenuesIncrease RevenuesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease Assets
Debit
Accounts PayableEquipmentService RevenueCommon StockAccounts ReceivableSalaries and Wages ExpenseNo EffectCash
$
Credits
Increase ExpensesDecrease Stockholders’ EquityDecrease LiabilitiesNo EffectDecrease RevenuesIncrease Stockholders’ EquityDecrease ExpensesIncrease RevenuesIncrease LiabilitiesIncrease AssetsDecrease Assets
Credit
EquipmentService RevenueNo EffectAccounts PayableAccounts ReceivableSalaries and Wages ExpenseCashCommon Stock
$
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