This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $29,800 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,840. Buys office furniture for $3,680, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,070 (not paid by Roads at this time). Receives cash of $200 as commission for acting as rental agent renting an apartment. Pays $780 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,570 in salary for October.

The journal entries are prepared to record the transactions on regular basis. The T-accounts are…

Answered: This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $29,800 in exchange for common stock of the corporation.…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

Please do not give image format

This information relates to Marigold Real Estate Agency.
Oct. 1
2
3
6
10
27
30
Stockholders invest $29,800 in exchange for common stock of the corporation.
Hires an administrative assistant at an annual salary of $30,840.
Buys office furniture for $3,680, on account.
Sells a house and lot for E. C. Roads; commissions due from Roads, $10,070 (not paid by Roads at this time).
Receives cash of $200 as commission for acting as rental agent renting an apartment.
Pays $780 on account for the office furniture purchased on October 3.
Pays the administrative assistant $2,570 in salary for October.

Post the transactions to 1-accounts. [Post entries in the order of information presented in the question.
Oct. 1:
Bal :
Oct. 6:
Oct. 10:
Oct. 3 :
Bal
Oct. 27:
Bal. :
Oct. 2
:
Bal.
29,800
29,800
Accounts Receivable
10.070
200
Equipment
1680
3.600
Cash
780
Accounts Payable
780
Oct. 3 :
Common Stock
Bal. :
Oct. 1
Bal
:
#
Show Transcribed Text
:
Common Stock
30.840
30,840
Oct. 1
Service Revenue
Bal
Oct. 6 :
Oct. 10:
Salaries and Wages Expense
Bal :
Oct. 30
3,680
Bal #
29.800
29.800
29.800
10.070
200
10,270
2.570
2.570

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