FINANCIAL ACCOUNTING <C>
8th Edition
ISBN: 9781119352341
Author: Kimmel
Publisher: WILEY C
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Chapter 3, Problem 3.8E
To determine
Debit – credit analysis:
The debit and credit analysis is performed to determine what account is required for both debiting and crediting the transaction. This analysis can be performed before preparing
The accounting equation implies the relationship between the assets, liabilities, and the
To Prepare: The debit-credit analysis of the transactions of M corporation.
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This information relates to Riverbed Real Estate Agency.
Oct. 1
Stockholders invest $32,300 in exchange for common stock of the corporation.
2
Hires an administrative assistant at an annual salary of $30,600.
3
Buys office furniture for $3,650, on account.
6
Sells a house and lot for E. C. Roads; commissions due from Roads, $12,790 (not paid by Roads at this time).
10
Receives cash of $180 as commission for acting as rental agent renting an apartment.
27
Pays $620 on account for the office furniture purchased on October 3.
30
Pays the administrative assistant $2,550 in salary for October.
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.
This information relates to Hanshew Real Estate Agency.
Oct. 1 Stockholders invested $35,000 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $36,000.
3 Buys equipment for $3,500 on account.
6 Performed services (ie, sold a house and lot for a customer) worth $10,000 that will be paid within 30 days.
10 Borrows $6,000 from a local bank with an annual interest rate of 3%. The principle on the loan is not due until next year.
27 Pays $700 on account for the equipment purchased on October 3.
30 Pays the administrative assistant $3,000 in salary for October
The journal to record the transaction on October 1 would be:
Multiple Choice
Odebit stockholder's equity for $35.000; credit cash for $35,000.
no entry required.
Chapter 3 Solutions
FINANCIAL ACCOUNTING <C>
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.9BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.11BECh. 3 - Prob. 3.12BECh. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.5DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.5APCh. 3 - Prob. 3.6APCh. 3 - Prob. 3.7APCh. 3 - Prob. 3.8APCh. 3 - Prob. 3.9APCh. 3 - Prob. 3.10APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.1EYCTCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.6EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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