Question

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This information relates to Blue Real Estate Agency. Oct. 1 Stockholders invest $31,400 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $32,760. 3 Buys office furniture for $3,840, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,230 (not paid by Roads at this time). 10 Receives cash of $240 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 $2,730 in salary for October

Answer 1

1)Posting entries to T-accounts:

Cash 31,400.00 240.00 1-Oct 10-Oct 27-Oct 30-Oct 730.00 2.730.00 28,180.00

3-Oct 27-Oct Accounts Payable 3,840.00 730.00 3,110.00

Common Stock 31,400.00 1-Oct 31,400.00

6-Oct 10-Oct! Service Revenue 10,230.00 240.00 10,470.00

6-Oct Accounts Receivable 10,230.00 10,230.00

Equipment 3,840.00 3-Oct 3,840.00

30-Oct Salaries and wages 2,730.00 2,730.00

Please note that no entry is required for hiring assistant. Salaries will be recorded as an expense only when services are rendered and payment is due.

2)

Blue Real Estate Agency Trial Balance Dr Cr $ $ 28,180 10,230 3,110 Cash Accounts Receivable Accounts Payable Equipment Salaries and wages Service revenue Common stocl Total 3,840 2,730 10,470 31,400 44,980 44,980