******ONLY DO E3-10B*******

Analyze transactions and determine their effect on accounts.

(LO 2), C

E3-7BThis information relates to Meyer Real Estate Agency.

Oct. 1 Stockholders invest $50,000 in exchange for common stock of the corporation.

2 Hires an administrative assistant at an annual salary of $36,000.

3 Buys office furniture for $5,400, on account.

6 Sells a house and lot for W. E. Doenges; commissions due from Doenges, $10,800 (not paid by Doenges at this time).

10 Receives cash of $140 as commission for acting as rental agent renting an apartment.

27 Pays $700 on account for the office furniture purchased on October 3.

30 Pays the administrative assistant $3,000 in salary for October.

Instructions

Prepare the debitcredit analysis for each transaction, as illustrated in the chapter.

Journalize transactions.

(LO 3), AP

E3-8BTransaction data for Meyer Real Estate Agency are presented in E3-7B.

Instructions

Journalize the transactions. Do not provide explanations.

****

Post journal entries and prepare a trial balance.

(LO 4, 5), AP

E3-10BTransaction data and journal entries for Meyer Real Estate Agency are presented in E3-7B and E3-8B.

Instructions

(a) Post the transactions to T accounts.

(b) Prepare a trial balance at October 31, 2014.