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This-information-relates-to-McCall-Real-Estate-Agency-accounting-homework-help

This information relates to McCall Real Estate Agency.

Oct. 1

Stockholders invest $31,120 in exchange for common stock of the corporation.

2

Hires an administrative assistant at an annual salary of $36,600.

3

Buys office furniture for $3,760, on account.

6

Sells a house and lot for E. C. Roads; commissions due from Roads, $12,780 (not paid by Roads at this time).

10

Receives cash of $210 as commission for acting as rental agent renting an apartment.

27

Pays $670 on account for the office furniture purchased on October 3.

30

Pays the administrative assistant $3,050 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
Decrease AssetsIncrease Stockholders†EquityDecrease LiabilitiesDecrease ExpensesNo EffectIncrease LiabilitiesIncrease RevenuesIncrease AssetsDecrease Stockholders†EquityIncrease ExpensesDecrease Revenues

Debit
Service RevenueAccounts ReceivableSalaries and Wages ExpenseEquipmentNo EffectCashAccounts PayableCommon Stock
$

Credits
Decrease RevenuesDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease AssetsDecrease LiabilitiesIncrease ExpensesIncrease RevenuesIncrease Stockholders†EquityDecrease Stockholders†Equity

Credit
Salaries and Wages ExpenseNo EffectCashService RevenueAccounts ReceivableCommon StockEquipmentAccounts Payable
$

Oct. 2

Debits
Increase ExpensesDecrease RevenuesNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease RevenuesDecrease Stockholders†EquityDecrease ExpensesIncrease AssetsIncrease Stockholders†EquityDecrease Assets

Debit
Common StockNo EffectEquipmentAccounts PayableCashAccounts ReceivableService RevenueSalaries and Wages Expense
$

Credits
Decrease Stockholders†EquityIncrease RevenuesDecrease AssetsIncrease ExpensesDecrease RevenuesDecrease ExpensesIncrease Stockholders†EquityNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease Assets

Credit
Service RevenueAccounts PayableAccounts ReceivableSalaries and Wages ExpenseNo EffectCommon StockCashEquipment
$

Oct. 3

Debits
Decrease Stockholders†EquityIncrease Stockholders†EquityNo EffectIncrease AssetsDecrease AssetsIncrease LiabilitiesIncrease ExpensesDecrease RevenuesDecrease ExpensesDecrease LiabilitiesIncrease Revenues

Debit
Salaries and Wages ExpenseService RevenueAccounts PayableNo EffectCashCommon StockEquipmentAccounts Receivable
$

Credits
Increase LiabilitiesIncrease Stockholders†EquityDecrease AssetsIncrease RevenuesDecrease RevenuesNo EffectDecrease ExpensesIncrease AssetsIncrease ExpensesDecrease LiabilitiesDecrease Stockholders†Equity

Credit
Accounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService RevenueCommon StockEquipmentNo Effect
$

Oct. 6

Debits
No EffectDecrease Stockholders†EquityDecrease RevenuesDecrease ExpensesIncrease ExpensesIncrease AssetsIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders†EquityDecrease AssetsIncrease Revenues

Debit
CashSalaries and Wages ExpenseNo EffectAccounts PayableAccounts ReceivableService RevenueCommon StockEquipment
$

Credits
Decrease RevenuesDecrease ExpensesIncrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesDecrease Stockholders†EquityDecrease AssetsIncrease Stockholders†EquityIncrease RevenuesIncrease Expenses

Credit
EquipmentSalaries and Wages ExpenseNo EffectCashCommon StockAccounts PayableAccounts ReceivableService Revenue
$

Oct. 10

Debits
Increase LiabilitiesDecrease AssetsDecrease Stockholders†EquityDecrease LiabilitiesIncrease AssetsIncrease ExpensesDecrease ExpensesDecrease RevenuesIncrease Stockholders†EquityIncrease RevenuesNo Effect

Debit
CashEquipmentNo EffectService RevenueCommon StockAccounts PayableAccounts ReceivableSalaries and Wages Expense
$

Credits
Increase AssetsDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesIncrease Stockholders†EquityDecrease Stockholders†EquityDecrease RevenuesDecrease ExpensesNo Effect

Credit
EquipmentCashNo EffectSalaries and Wages ExpenseAccounts PayableAccounts ReceivableCommon StockService Revenue
$

Oct. 27

Debits
Decrease RevenuesDecrease AssetsIncrease LiabilitiesNo EffectDecrease LiabilitiesIncrease RevenuesDecrease ExpensesIncrease AssetsIncrease Stockholders†EquityIncrease ExpensesDecrease Stockholders†Equity

Debit
CashNo EffectCommon StockEquipmentAccounts PayableAccounts ReceivableService RevenueSalaries and Wages Expense
$

Credits
Decrease AssetsIncrease Stockholders†EquityDecrease Stockholders†EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease LiabilitiesIncrease AssetsDecrease ExpensesNo EffectIncrease Liabilities

Credit
Common StockService RevenueEquipmentAccounts ReceivableAccounts PayableSalaries and Wages ExpenseNo EffectCash
$

Oct. 30

Debits
Increase ExpensesDecrease Stockholders†EquityDecrease ExpensesNo EffectIncrease AssetsDecrease RevenuesIncrease RevenuesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders†EquityDecrease Assets

Debit
Accounts PayableEquipmentService RevenueCommon StockAccounts ReceivableSalaries and Wages ExpenseNo EffectCash
$

Credits
Increase ExpensesDecrease Stockholders†EquityDecrease LiabilitiesNo EffectDecrease RevenuesIncrease Stockholders†EquityDecrease ExpensesIncrease RevenuesIncrease LiabilitiesIncrease AssetsDecrease Assets

Credit
EquipmentService RevenueNo EffectAccounts PayableAccounts ReceivableSalaries and Wages ExpenseCashCommon Stock
$

 
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