The following information relates to Coronado Real Estate Agency. Oct. 1 James Coronado begins business as...
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The following information relates to Coronado Real Estate Agency. Oct. 1 James Coronado begins business as a real estate agent witha cash investment of $19,500. 2 Hires an administrative assistant. 3 Purchases office furniture for $2,470, on account. 6 Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. 27 Pays $1,430 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,250 in salary for October. Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Dehit-Credit Analysis Debit-Credit Analysis Effect on Accounting Equation Effec Oct. Debits Debit %24 Credits Credit Oct. Debits Debit %24 2 Credits Credit Oct. Debits Debit 24 Credits Credit %24 Oct. Debits Debit 24 Credits Credit Oct. Debits Debit %24 27 Credits Credit Oct. Debits Debit 30 Credits Credit %24 %24 Debit-Credit Analysis Effect on Accounting Equation Effect on Amounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 The following information relates to Coronado Real Estate Agency. Oct. 1 James Coronado begins business as a real estate agent witha cash investment of $19,500. 2 Hires an administrative assistant. 3 Purchases office furniture for $2,470, on account. 6 Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. 27 Pays $1,430 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,250 in salary for October. Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Dehit-Credit Analysis Debit-Credit Analysis Effect on Accounting Equation Effec Oct. Debits Debit %24 Credits Credit Oct. Debits Debit %24 2 Credits Credit Oct. Debits Debit 24 Credits Credit %24 Oct. Debits Debit 24 Credits Credit Oct. Debits Debit %24 27 Credits Credit Oct. Debits Debit 30 Credits Credit %24 %24 Debit-Credit Analysis Effect on Accounting Equation Effect on Amounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24
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Oct 1 Debits Increase Assets Debit Cash 19500 Credits Increas... View the full answer
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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