EXERCISE 2 5Presented below is information related to Robbins Real Estate

Exercise 2 5presented below is information related to

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EXERCISE 2-5Presented below is information related to Robbins Real Estate Agency.Oct.1Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.2Hires an administrative assistant.3Purchases office furniture for $1,900, on account.6Sells a house and lot for N. Fennig; bills N. Fennig $3,200 for realty services provided.27Pays $850 on the balance related to the transaction of October 3.30Pays the administrative assistant $2,500 in salary for October. General Journal Date Account Titles and Explanation Ref. Debits Credit Oct. 1 Cash .................................................... 20,000 Common Stock ......................... 20,000 2 No entry. 3 Equipment  .........................................  1,900 Accounts Payable .....................   1,900 6 Accounts Receivable ........................  3,200 Service Revenue .......................   3,200 27 Accounts Payable ..............................     850 Cash ...........................................      850 30 Salaries and Wages Expense ...........  2,500 Cash ...........................................   2,500                                                                                                                                         2-7
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EXERCISE 2-6Elvira Industries had the following transactions.1.Borrowed $5,000 from the bank by signing a note.2.Paid $2,500 cash for a computer.3.Purchased $450 of supplies on account.(a)Indicate what accounts are increased and decreased by each transaction.                                                                                                                                         2-8
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EXERCISE 2-10 (a) General Journal Date Account Titles and Explanation Ref. Debit Credit Apr. 1 Cash ...................................................... Common Stock ................................ (Issued shares of stock   for cash) 10,000 10,000 12 Cash ...................................................... Service Revenue .............................. (Received cash for   services provided) 900 900 15 Salaries and Wages Expense ............. Cash .................................................. (Paid salaries to date) 600 720 25 Accounts Payable ................................ Cash .................................................. (Paid creditors on account) 1,500 1,500 29 Cash ...................................................... Accounts Receivable ...................... (Received cash in payment   of account) 400 400 30 Cash ...................................................... Unearned Service Revenue ............ (Received cash for future   services) 1,000 1,000                                                                                                                                         2-9
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EXERCISE 2-10 (Continued) (b) PADRE LANDSCAPING COMPANY Trial Balance April 30, 2014                                                                                                                          Debit Credit Cash ........................................................................... $10,080 Accounts Receivable ................................................ 2,800 Supplies ..................................................................... 1,800 Accounts Payable ..................................................... 300 Unearned Service Revenue ...................................... 1,000 Common Stock .......................................................... 10,000 Service Revenue ....................................................... 4,100 Salaries and Wages Expense ...................................             720                           $15,400 $15,400 EXERCISE 2-11 (a) Oct. 1 Cash .............................................................. 5,000 Common Stock ...................................... 5,000     (Issued shares of stock for cash) 10 Cash .............................................................. 650 Service Revenue ...................................     (Received cash for services      provided) 10 Cash .............................................................. 3,000 Notes Payable ........................................ 3,000     (Obtained loan from bank)                                                                                                                                         2-10
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20 Cash .............................................................. 500 Accounts Receivable ............................
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