This information relates to Plunkett Real Estate Agency. - 14711

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Exercise 3-10

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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.