This information relates to McCall Real Estate Agency. Oct. 1   Stockholders invest $33,540 in exchange for common stock of the corporation. 2   Hires an administrative assistant at an annual salary of $41,520. 3   Buys office furniture for $3,690, on account. 6   Sells a house and lot for E. C. Roads; commissions due from Roads, $11,190 (not paid by Roads at this time). 10   Receives cash of $155 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 $3,460 in salary for October. Journalize the transactions.

Question

This information relates to McCall Real Estate Agency.

Oct. 1   Stockholders invest $33,540 in exchange for common stock of the corporation.
2   Hires an administrative assistant at an annual salary of $41,520.
3   Buys office furniture for $3,690, on account.
6   Sells a house and lot for E. C. Roads; commissions due from Roads, $11,190 (not paid by Roads at this time).
10   Receives cash of $155 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 $3,460 in salary for October.



Journalize the transactions.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in
BusinessAccounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Which of the following constitute a tax and why? l  Payment for driver’s license?    l  Payment for ...

A:  Tax: It is an amount which is a compulsory contribution to government’s revenue and levied by the g...

Q: Referring to the question E2-26A in the textbook named Managerial Accounting by Pearson- 5th edition...

A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for gener...

Q: xample #6 The company received a bill for December’s utilities on January 5. The bill was for $235. ...

A: Matching principle: As per this principle, the business entity should report an expense on its incom...

Q: GPC, Inc has a $150,000 mortgage liability. The mortgage is payable in monthly instatement of $1,543...

A: Step 1:Given:Mortgage Liability = $ 150,000Monthly Instalment = $1,543Interest Rate           = 12% ...

Q: Indicate in which section  of the balance sheets of each accounts I have to classified. current asse...

A: Current assets (CA): Current assets are those assets owned by the company that can be convertible in...

Q: Metallgurst AG issued a $100,00 4- year, 105 notes at face value to Bank of Norway on January 1, 201...

A: When the common stock is issued for settlement, the common stock needs to be credited by the face va...

Q: Hello, Crichton Publications uses the accounting rate of return method to evaluate proposed capital ...

A: Accounting rate of return is computed by dividing the net increment in accounting income by the init...

Q: The year end balance sheet of CP, In., include the following stockholders’ equity section (with cert...

A: 1.Determine the number of preferred shares have been issued.

Q: Flounder Windows manufactures and sells custom storm windows for three-season porches. Flounder also...

A: Revenue Recognition: As per the revenue recognition concept of accounting, the revenue of the busine...