Exercise 3-10 This information relates to Plunkett Real Estate Agency. Oct. 1 Stockholders invest $29,870 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $38,520. 3 Buys office furniture for $3,890, on account. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $11,540 (not paid by Petty at this time). 10 Receives cash of $190 as commission for acting as rental agent renting an apartment. 27 Pays $780 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,210 in salary for October. a. Post the transactions to T accounts. (Post entries in the order of information presented in the question.) b. Prepare a trial balance at October 31, 2012.

Exercise 3-10

This information relates to Plunkett Real Estate Agency.

Oct. 1		Stockholders invest $29,870 in exchange for common stock of the corporation.
2		Hires an administrative assistant at an annual salary of $38,520.
3		Buys office furniture for $3,890, on account.
6		Sells a house and lot for M.E. Petty; commissions due from Petty, $11,540 (not paid by Petty at this time).
10		Receives cash of $190 as commission for acting as rental agent renting an apartment.
27		Pays $780 on account for the office furniture purchased on October 3.
30		Pays the administrative assistant $3,210 in salary for October.

 

a.       Post the transactions to T accounts. (Post entries in the order of information presented in the question.)

b.      Prepare a trial balance at October 31, 2012.

 

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