This-information-relates-to-McCall-Real-Estate-Agency-accounting-homework-help

This information relates to McCall Real Estate Agency.


Oct. 1
Stockholders invest $31,120 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $36,600.
3 Buys office furniture for $3,760, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $12,780 (not paid by Roads at this time).
10 Receives cash of $210 as commission for acting as rental agent renting an apartment.
27 Pays $670 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $3,050 in salary for October.

Prepare the debit–credit analysis for each transaction.
(If there is no transaction, then enter No Effect for the account and 0 for the amount.)

Oct. 1 Debits

Decrease AssetsIncrease Stockholders’ EquityDecrease LiabilitiesDecrease ExpensesNo EffectIncrease LiabilitiesIncrease RevenuesIncrease AssetsDecrease Stockholders’ EquityIncrease ExpensesDecrease Revenues

Debit

Service RevenueAccounts ReceivableSalaries and Wages ExpenseEquipmentNo EffectCashAccounts PayableCommon Stock

$

Credits

Decrease RevenuesDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease AssetsDecrease LiabilitiesIncrease ExpensesIncrease RevenuesIncrease Stockholders’ EquityDecrease Stockholders’ Equity

Credit

Salaries and Wages ExpenseNo EffectCashService RevenueAccounts ReceivableCommon StockEquipmentAccounts Payable

$

Oct. 2 Debits

Increase ExpensesDecrease RevenuesNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease RevenuesDecrease Stockholders’ EquityDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityDecrease Assets

Debit

Common StockNo EffectEquipmentAccounts PayableCashAccounts ReceivableService RevenueSalaries and Wages Expense

$

Credits

Decrease Stockholders’ EquityIncrease RevenuesDecrease AssetsIncrease ExpensesDecrease RevenuesDecrease ExpensesIncrease Stockholders’ EquityNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease Assets

Credit

Service RevenueAccounts PayableAccounts ReceivableSalaries and Wages ExpenseNo EffectCommon StockCashEquipment

$

Oct. 3 Debits

Decrease Stockholders’ EquityIncrease Stockholders’ EquityNo EffectIncrease AssetsDecrease AssetsIncrease LiabilitiesIncrease ExpensesDecrease RevenuesDecrease ExpensesDecrease LiabilitiesIncrease Revenues

Debit

Salaries and Wages ExpenseService RevenueAccounts PayableNo EffectCashCommon StockEquipmentAccounts Receivable

$

Credits

Increase LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesDecrease RevenuesNo EffectDecrease ExpensesIncrease AssetsIncrease ExpensesDecrease LiabilitiesDecrease Stockholders’ Equity

Credit

Accounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService RevenueCommon StockEquipmentNo Effect

$

Oct. 6 Debits

No EffectDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesIncrease ExpensesIncrease AssetsIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease Revenues

Debit

CashSalaries and Wages ExpenseNo EffectAccounts PayableAccounts ReceivableService RevenueCommon StockEquipment

$

Credits

Decrease RevenuesDecrease ExpensesIncrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesDecrease Stockholders’ EquityDecrease AssetsIncrease Stockholders’ EquityIncrease RevenuesIncrease Expenses

Credit

EquipmentSalaries and Wages ExpenseNo EffectCashCommon StockAccounts PayableAccounts ReceivableService Revenue

$

Oct. 10 Debits

Increase LiabilitiesDecrease AssetsDecrease Stockholders’ EquityDecrease LiabilitiesIncrease AssetsIncrease ExpensesDecrease ExpensesDecrease RevenuesIncrease Stockholders’ EquityIncrease RevenuesNo Effect

Debit

CashEquipmentNo EffectService RevenueCommon StockAccounts PayableAccounts ReceivableSalaries and Wages Expense

$

Credits

Increase AssetsDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesIncrease Stockholders’ EquityDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesNo Effect

Credit

EquipmentCashNo EffectSalaries and Wages ExpenseAccounts PayableAccounts ReceivableCommon StockService Revenue

$

Oct. 27 Debits

Decrease RevenuesDecrease AssetsIncrease LiabilitiesNo EffectDecrease LiabilitiesIncrease RevenuesDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityIncrease ExpensesDecrease Stockholders’ Equity

Debit

CashNo EffectCommon StockEquipmentAccounts PayableAccounts ReceivableService RevenueSalaries and Wages Expense

$

Credits

Decrease AssetsIncrease Stockholders’ EquityDecrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease LiabilitiesIncrease AssetsDecrease ExpensesNo EffectIncrease Liabilities

Credit

Common StockService RevenueEquipmentAccounts ReceivableAccounts PayableSalaries and Wages ExpenseNo EffectCash

$

Oct. 30 Debits

Increase ExpensesDecrease Stockholders’ EquityDecrease ExpensesNo EffectIncrease AssetsDecrease RevenuesIncrease RevenuesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease Assets

Debit

Accounts PayableEquipmentService RevenueCommon StockAccounts ReceivableSalaries and Wages ExpenseNo EffectCash

$

Credits

Increase ExpensesDecrease Stockholders’ EquityDecrease LiabilitiesNo EffectDecrease RevenuesIncrease Stockholders’ EquityDecrease ExpensesIncrease RevenuesIncrease LiabilitiesIncrease AssetsDecrease Assets

Credit

EquipmentService RevenueNo EffectAccounts PayableAccounts ReceivableSalaries and Wages ExpenseCashCommon Stock

$

 

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