ACC 290 Week 2 WileyPLUS Assignment Week Two
Business - Accounting
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained
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.)
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Spring Green Company $1,000.
10 Completed blueprints on a carport and billed client $1,500 for services.
11 Received $500 cash advance from J. Madison to design a new home.
20 Received $2,300 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,500....