Pickert Real Estate Agency: Trial Balance

Topics: Accounts receivable, Generally Accepted Accounting Principles, Salary Pages: 3 (407 words) Published: February 23, 2013
gdfdfd I'm stuck on what to put in for cash and accounts payable This information relates to Pickert Real Estate Agency.

Oct. 1 Stockholders invested $31,065 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 $6,687, on account.

Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $12,887 (not paid by Petty at this time). Oct. 10 Receives cash of $1,205 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $2,787 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $4,565 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.)

PICKERT REAL ESTATE AGENCY
Trial Balance

October 31, 2010
Debit Credit
Cash $ $ 0
Accounts receivable 12887 0
Office furniture 6687 0
Accounts payable 0 
Common stock 0 31065
Service revenue 0 14092
Salaries expense

4565

0

$

$
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Best Answer - Chosen by Voters

Oct. 1 Stockholders invested $31,065 in exchange for common stock of the corporation. Dr Cash 31,065
Cr Common Stock 31,065
Oct. 2 Hires an administrative assistant at an annual salary of $42,000. No entry necessary.
Oct. 3 Buys office furniture for $6,687, on account.
Dr Office Furniture 6,687
Cr Accounts Payable 6,687
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $12,887 (not paid by Petty at this time). Dr Accounts Receivable 12,887
Cr Service Revenue 12,887
Oct. 10 Receives cash of $1,205 as commission for acting as rental agent renting an apartment. Dr Cash 1,205
Cr Service Revenue 1,205
Oct. 27 Pays $2,787 on account for the office furniture purchased on October 3. Dr Accounts Payable 2,787
Cr Cash 2,787
Oct. 30 Pays the administrative...
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