Acc290 Financial Accounting: E3-9 Transaction data and journal entries for Pickert

Note: This tutorial includes solutions for the requirement for E3-8 and E3-9.

Acc290 Financial Accounting
E3-9
Transaction data and journal entries for Pickert Real Estate Agency are presented in E3-7 and E3-8.

Oct. 1 Stockholders invested $30,000 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 $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.

Instructions
(a) Post the transactions to T accounts.
(b) Prepare a trial balance at October 31, 2010.
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