This information relates to McCall Real Estate Agency.Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation.2 Hires an administrative assistant at an annual salary of $42,960.3 Buys office furniture for $4,110, on account.6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time).10 Receives cash of $215 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 $3,580 in salary for October.Prepare the debit–credit analysis for each transaction

Question
Asked Feb 26, 2019

This information relates to McCall Real Estate Agency.

Oct. 1   Stockholders invest $31,020 in exchange for common stock of the corporation.
2   Hires an administrative assistant at an annual salary of $42,960.
3   Buys office furniture for $4,110, on account.
6   Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time).
10   Receives cash of $215 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 $3,580 in salary for October.


Prepare the debit–credit analysis for each transaction

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Step 1

“Accounting is an art of recording, classifying and summarizing the transactions of financial nature measurable in terms of money and interpreting the results thereof. “

There are two methods of Accounting: - Single Entry System and Double Entry System.

Double Entry System of accounting deals with either two or more accounts for every business transaction that takes place.

Double Entry System records every transaction as a Debit item or Credit item.     ...

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