Class Assignment McCall Real Estate Agency

This information relates to McCall Real Estate Agency.

Oct. 1		Stockholders invest $32,200 in exchange for common stock of the corporation.
2		Hires an administrative assistant at an annual salary of $33,960.
3		Buys office furniture for $4,170, on account.
6		Sells a house and lot for E. C. Roads; commissions due from Roads, $10,560 (not paid by Roads at this time).
10		Receives cash of $225 as commission for acting as rental agent renting an apartment.
27		Pays $640 on account for the office furniture purchased on October 3.
30		Pays the administrative assistant $2,830 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 select an increase or decrease of an item Increase Stockholders’ EquityDecrease ExpensesDecrease RevenuesIncrease ExpensesIncrease RevenuesDecrease Stockholders’ EquityDecrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease Assets
		Debit enter an account title CashAccounts PayableCommon StockService RevenueSalaries and Wages ExpenseEquipmentAccounts ReceivableNo Effect $enter a dollar amount
		Credits select an increase or decrease of an item Decrease Stockholders’ EquityIncrease LiabilitiesDecrease LiabilitiesDecrease ExpensesIncrease AssetsDecrease AssetsIncrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesNo Effect
		Credit enter an account title Salaries and Wages ExpenseCashAccounts ReceivableCommon StockService RevenueNo EffectEquipmentAccounts Payable $enter a dollar amount

Oct. 2		Debits select an increase or decrease of an item Increase ExpensesDecrease ExpensesIncrease AssetsDecrease Stockholders’ EquityDecrease LiabilitiesDecrease RevenuesNo EffectIncrease Stockholders’ EquityIncrease LiabilitiesDecrease AssetsIncrease Revenues
		Debit enter an account title Salaries and Wages ExpenseNo EffectCommon StockEquipmentCashAccounts PayableAccounts ReceivableService Revenue $enter a dollar amount
		Credits select an increase or decrease of an item Decrease AssetsDecrease Stockholders’ EquityDecrease RevenuesNo EffectIncrease Stockholders’ EquityIncrease LiabilitiesIncrease ExpensesDecrease ExpensesDecrease LiabilitiesIncrease RevenuesIncrease Assets
		Credit enter an account title No EffectEquipmentCommon StockAccounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService Revenue $enter a dollar amount

Oct. 3		Debits select an increase or decrease of an item Increase AssetsDecrease LiabilitiesIncrease LiabilitiesDecrease Stockholders’ EquityNo EffectIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease Expenses
		Debit enter an account title Accounts ReceivableSalaries and Wages ExpenseService RevenueEquipmentCashCommon StockAccounts PayableNo Effect $enter a dollar amount
		Credits select an increase or decrease of an item Decrease RevenuesDecrease ExpensesNo EffectIncrease ExpensesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease Stockholders’ EquityIncrease AssetsDecrease AssetsIncrease Revenues
		Credit enter an account title Accounts ReceivableSalaries and Wages ExpenseService RevenueCommon StockCashNo EffectEquipmentAccounts Payable $enter a dollar amount

Oct. 6		Debits select an increase or decrease of an item Increase AssetsDecrease RevenuesDecrease LiabilitiesDecrease Stockholders’ EquityIncrease Stockholders’ EquityDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease RevenuesIncrease Expenses
		Debit enter an account title No EffectSalaries and Wages ExpenseCommon StockCashAccounts PayableEquipmentAccounts ReceivableService Revenue $enter a dollar amount
		Credits select an increase or decrease of an item Increase LiabilitiesDecrease Stockholders’ EquityIncrease RevenuesDecrease RevenuesIncrease ExpensesIncrease Stockholders’ EquityNo EffectDecrease LiabilitiesDecrease ExpensesDecrease AssetsIncrease Assets
		Credit enter an account title EquipmentCommon StockNo EffectSalaries and Wages ExpenseService RevenueCashAccounts PayableAccounts Receivable $enter a dollar amount

Oct. 10		Debits select an increase or decrease of an item Decrease AssetsIncrease Stockholders’ EquityDecrease LiabilitiesIncrease AssetsIncrease RevenuesIncrease ExpensesDecrease ExpensesIncrease LiabilitiesDecrease RevenuesNo EffectDecrease Stockholders’ Equity
		Debit enter an account title Service RevenueAccounts PayableCashCommon StockNo EffectSalaries and Wages ExpenseEquipmentAccounts Receivable $enter a dollar amount
		Credits select an increase or decrease of an item Increase Stockholders’ EquityDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesDecrease RevenuesIncrease AssetsDecrease Stockholders’ EquityDecrease ExpensesNo Effect
		Credit enter an account title No EffectCommon StockAccounts PayableCashSalaries and Wages ExpenseEquipmentAccounts ReceivableService Revenue $enter a dollar amount

Oct. 27		Debits select an increase or decrease of an item Decrease RevenuesIncrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsDecrease LiabilitiesNo EffectIncrease ExpensesDecrease Stockholders’ EquityIncrease AssetsIncrease RevenuesDecrease Expenses
		Debit enter an account title EquipmentNo EffectCommon StockAccounts ReceivableAccounts PayableCashService RevenueSalaries and Wages Expense $enter a dollar amount
		Credits select an increase or decrease of an item Decrease Stockholders’ EquityIncrease AssetsDecrease RevenuesDecrease LiabilitiesIncrease LiabilitiesIncrease Stockholders’ EquityIncrease ExpensesDecrease ExpensesNo EffectDecrease AssetsIncrease Revenues
		Credit enter an account title No EffectCashEquipmentAccounts PayableService RevenueSalaries and Wages ExpenseCommon StockAccounts Receivable $enter a dollar amount

Oct. 30		Debits select an increase or decrease of an item Increase Stockholders’ EquityIncrease AssetsDecrease RevenuesDecrease AssetsDecrease ExpensesIncrease RevenuesNo EffectIncrease ExpensesDecrease Stockholders’ EquityIncrease LiabilitiesDecrease Liabilities
		Debit enter an account title Common StockSalaries and Wages ExpenseCashEquipmentAccounts ReceivableService RevenueAccounts PayableNo Effect $enter a dollar amount
		Credits select an increase or decrease of an item Increase Stockholders’ EquityNo EffectIncrease LiabilitiesDecrease ExpensesDecrease RevenuesIncrease AssetsDecrease LiabilitiesDecrease AssetsIncrease RevenuesIncrease ExpensesDecrease Stockholders’ Equity
		Credit enter an account title Salaries and Wages ExpenseNo EffectCashCommon StockEquipmentAccounts PayableAccounts ReceivableService Revenue $enter a dollar amount

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