April 19, 2014

Homework Help: ACC 290

Posted by Ashley on Monday, March 12, 2012 at 11:59am.

How would I record the following transactions into a "T" account?

This information relates to Pickert Real Estate Agency.

Oct. 1
Stockholders invest $30,000 in exchange for common stock of the corporation.
Hires an administrative assistant at an annual salary of $42,000.
Buys office furniture for $4,600, on account.
Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Receives cash of $140 as commission for acting as rental agent renting an apartment.
Pays $700 on account for the office furniture purchased on October 3.
Pays the administrative assistant $3,500 in salary for October.

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