QUESTION4 This information relates to Hanshew Real Estate Ag

QUESTION4 This information relates to Hanshew Real Estate Agency. Oct Stockholders invested $35,000 in exchan ge for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000 3 Buys equipment for $3,500 on account. 6 Sells a house and lot for M Springer; commissions due from Springer, $10,000 (not paid by Springer at this 2 . time). 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the equipment purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Instructions (a) Journalize the transactions. Do not provide explanations. (b) Post the transactions to T accounts.

Solution

(a) Journal entries:

Salary a/c

To Cash a/c

$3,000

$3,000

*Note: Narration / Explaination not provided as asked in the question.

(b) T- accounts:

Equipment a/c

Accounts payable

Accounts receivable

Commission a/c

Salary a/c

Cash a/c

Hope this is useful and thank you!!!!!

Date	General Journal	Debit	Credit
Oct 3	Equipment a/c	$3,500
	To Accounts Payable a/c		$3,500
Oct 6	Accounts receivable a/c	$10,000
	To Commission a/c		$10,000
Oct 10	Cash a/c	$140
	To Commission a/c		$140
Oct 27	Accounts payable a/c	$700
	To Cash a/c		$700
Oct 30	Salary a/c To Cash a/c	$3,000	$3,000