Accounting 290 Week 2 Assignment

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Description

This information relates to Pickert Real Estate Agency.

Oct. 1

Stockholders invested $30,000 in exchange for common stock of the corporation.

Oct. 2

Hires an administrative assistant at an annual salary of $42,000.

Oct. 3

Buys office furniture for $4,600, on account.

Oct. 6

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

Oct. 10

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

Oct. 27

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

Oct. 30

Pays the administrative assistant $3,500 in salary for October.

Post the transactions to T-accounts and complete the following trial balance.(If answer is zero, please enter 0, do not leave any fields blank.)

Question 4

This is the trial balance of Slocombe Company on September 30.

SLOCOMBE COMPANY

Trial Balance

September 30, 2010

Debit

Credit

Cash

$8,300

Accounts Receivable

2,600

Supplies

2,100

Equipment

8,000

Accounts Payable

$5,100

Unearned Revenue

900

Common Stock

15,000

$21,000

$21,000

The October transactions were as follows.

Oct. 5

Received $1,300 in cash from customers for accounts receivable due.

10

Billed customers for services performed $5,100.

15

Paid employee salaries $1,400.

17

Performed $600 of services for customers who paid in advance in August.

20

Paid $1,500 to creditors for accounts payable due.

29

Paid a $300 cash dividend.

31

Paid utilities $500.

Post to ledger accounts and then complete the following trial balance.(If answer is zero please enter 0, do not leave any fields blank.)

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