Class Assignment McCall Real Estate Agency

Due Sunday 11/11/18 Will run through plagiarism checker
February 22, 2021
Due Today 19621477
February 22, 2021

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

Increase Stockholders’ EquityDecrease ExpensesDecrease RevenuesIncrease ExpensesIncrease RevenuesDecrease Stockholders’ EquityDecrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease Assets

Debit

CashAccounts PayableCommon StockService RevenueSalaries and Wages ExpenseEquipmentAccounts ReceivableNo Effect

$

Credits

Decrease Stockholders’ EquityIncrease LiabilitiesDecrease LiabilitiesDecrease ExpensesIncrease AssetsDecrease AssetsIncrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesNo Effect

Credit

Salaries and Wages ExpenseCashAccounts ReceivableCommon StockService RevenueNo EffectEquipmentAccounts Payable

$

Oct. 2

Debits

Increase ExpensesDecrease ExpensesIncrease AssetsDecrease Stockholders’ EquityDecrease LiabilitiesDecrease RevenuesNo EffectIncrease Stockholders’ EquityIncrease LiabilitiesDecrease AssetsIncrease Revenues

Debit

Salaries and Wages ExpenseNo EffectCommon StockEquipmentCashAccounts PayableAccounts ReceivableService Revenue

$

Credits

Decrease AssetsDecrease Stockholders’ EquityDecrease RevenuesNo EffectIncrease Stockholders’ EquityIncrease LiabilitiesIncrease ExpensesDecrease ExpensesDecrease LiabilitiesIncrease RevenuesIncrease Assets

Credit

No EffectEquipmentCommon StockAccounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService Revenue

$

Oct. 3

Debits

Increase AssetsDecrease LiabilitiesIncrease LiabilitiesDecrease Stockholders’ EquityNo EffectIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease Expenses

Debit

Accounts ReceivableSalaries and Wages ExpenseService RevenueEquipmentCashCommon StockAccounts PayableNo Effect

$

Credits

Decrease RevenuesDecrease ExpensesNo EffectIncrease ExpensesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease Stockholders’ EquityIncrease AssetsDecrease AssetsIncrease Revenues

Credit

Accounts ReceivableSalaries and Wages ExpenseService RevenueCommon StockCashNo EffectEquipmentAccounts Payable

$

Oct. 6

Debits

Increase AssetsDecrease RevenuesDecrease LiabilitiesDecrease Stockholders’ EquityIncrease Stockholders’ EquityDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease RevenuesIncrease Expenses

Debit

No EffectSalaries and Wages ExpenseCommon StockCashAccounts PayableEquipmentAccounts ReceivableService Revenue

$

Credits

Increase LiabilitiesDecrease Stockholders’ EquityIncrease RevenuesDecrease RevenuesIncrease ExpensesIncrease Stockholders’ EquityNo EffectDecrease LiabilitiesDecrease ExpensesDecrease AssetsIncrease Assets

Credit

EquipmentCommon StockNo EffectSalaries and Wages ExpenseService RevenueCashAccounts PayableAccounts Receivable

$

Oct. 10

Debits

Decrease AssetsIncrease Stockholders’ EquityDecrease LiabilitiesIncrease AssetsIncrease RevenuesIncrease ExpensesDecrease ExpensesIncrease LiabilitiesDecrease RevenuesNo EffectDecrease Stockholders’ Equity

Debit

Service RevenueAccounts PayableCashCommon StockNo EffectSalaries and Wages ExpenseEquipmentAccounts Receivable

$

Credits

Increase Stockholders’ EquityDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesDecrease RevenuesIncrease AssetsDecrease Stockholders’ EquityDecrease ExpensesNo Effect

Credit

No EffectCommon StockAccounts PayableCashSalaries and Wages ExpenseEquipmentAccounts ReceivableService Revenue

$

Oct. 27

Debits

Decrease RevenuesIncrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsDecrease LiabilitiesNo EffectIncrease ExpensesDecrease Stockholders’ EquityIncrease AssetsIncrease RevenuesDecrease Expenses

Debit

EquipmentNo EffectCommon StockAccounts ReceivableAccounts PayableCashService RevenueSalaries and Wages Expense

$

Credits

Decrease Stockholders’ EquityIncrease AssetsDecrease RevenuesDecrease LiabilitiesIncrease LiabilitiesIncrease Stockholders’ EquityIncrease ExpensesDecrease ExpensesNo EffectDecrease AssetsIncrease Revenues

Credit

No EffectCashEquipmentAccounts PayableService RevenueSalaries and Wages ExpenseCommon StockAccounts Receivable

$

Oct. 30

Debits

Increase Stockholders’ EquityIncrease AssetsDecrease RevenuesDecrease AssetsDecrease ExpensesIncrease RevenuesNo EffectIncrease ExpensesDecrease Stockholders’ EquityIncrease LiabilitiesDecrease Liabilities

Debit

Common StockSalaries and Wages ExpenseCashEquipmentAccounts ReceivableService RevenueAccounts PayableNo Effect

$

Credits

Increase Stockholders’ EquityNo EffectIncrease LiabilitiesDecrease ExpensesDecrease RevenuesIncrease AssetsDecrease LiabilitiesDecrease AssetsIncrease RevenuesIncrease ExpensesDecrease Stockholders’ Equity

Credit

Salaries and Wages ExpenseNo EffectCashCommon StockEquipmentAccounts PayableAccounts ReceivableService Revenue

$

 

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