Hires an administrative assistant

Assignment Help Accounting Basics

Reference no: EM13320620

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.

Reference no: EM13320620

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