You Have Been Hired as the Accountant for a Newly

Essay

You have been hired as the accountant for a newly formed real estate company called Porter Real Estate Limited. The following business transactions occurred during the month of September, 20X3:
1. Shareholders invest $50,000 in cash for 10,000 common shares to start a real estate office.
2. Signed a lease for office space.
3. Paid $200 cash for office supplies
4. Purchased office equipment for $6, 000, paying $2,500 in cash and signing a 30-day, note
payable for the remainder.
5. Purchased $100 of office supplies on account.
6. Real estate commissions billed to clients amount to $5,400 .
7. Paid $700 in cash for the current month's rent.
8. Paid $50 cash on account for office supplies purchased in transaction 5.
9. Received a bill for $500 for advertising for the current month.
10. Paid $2,500 cash for office salaries.
11. Paid $1,000 cash dividends to shareholders.
12. Received a cheque for $3,000 from a client in payment on account for commissions billed in
transaction 6.
Record the transactions for September 20X3.