Tuesday, 24 July 2012



Exercise 2-4

Presented below is information related to Shanghai Real Estate Agency.

Oct. 1     Pete Hanshew begins business as a real estate agent with a cash investment of ¥150,000 in exchange for ordinary shares.

        2 Hires an administrative assistant.

        3 Purchases office furniture for ¥19,000 on account.

        6 Sells a house and lot for B. Kidman; bills B. Kidman ¥32,000 for realty services provided.

        27 Pays ¥7,000 on the balance related to the transaction of October 3.

        30 Pays the administrative assistant ¥25,000 in salary for October.

Instructions

Prepare the debit-credit analysis for each transaction as illustrated on pages 62–67.

E2-5 Transaction data for Hanshew Real Estate Agency are presented in E2-4.

Instructions

Journalize the transactions. (You may omit explanations.)

No comments:

Post a Comment