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  • Oct 17, 2010, 06:54 PM
    rahulmadnani
    Complete the trial balance
    This information relates to Matthews Real Estate Agency Corporation.

    Oct. 1 Stockholders invested $25,000 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 $3,600, on account.
    Oct. 6 Sells a house and lot for M.E. Mills; commissions due from Mills, $10,800 (not paid by Mills 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.

    Debit credit
    Cash
    Accounts receivable
    Office furniture
    Accounts payable
    Common stock
    Service revenue
    Salaries expense
  • Oct 17, 2010, 09:30 PM
    pready

    This is a duplicate post.

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