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Presented below is information related to Hanshew Real Estate Agency.

Oct. 1
Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock.
2
Hires an administrative assistant.
3
Purchases office furniture for $1,900, on account.
6
Sells a house and lot for B. Kidman; bills B. Kidman $3,200 for realty services provided.
27
Pays $700 on the balance related to the transaction of October 3.
30
Pays the administrative assistant $2,500 in salary for October.

Prepare the debit-credit analysis for each transaction.

Oct. 1
assets: Cash.






stockholders' equity: Common Stock




2
No transaction.




3
assets: Office Furniture.






liabilities: Accounts Payable.




6
assets: Accounts Receivable.






revenues: Service Revenue.




27
liabilities: Accounts Payable.






assets: Cash.




30
expenses: Salaries Expense.






assets: Cash.

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  • Category:- Accounting Basics
  • Reference No.:- M9899924

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