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P2-63A. (Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Demers...

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Accounting

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P2-63A. (Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Demers Real Estate Co. experienced the following events during the organizing phase and its first month of operations. Some of the events were personal for the shareholders and did not affect the business. Others were transactions of the business. Requirements 1. Classify each of the preceding events as one of the following: a. A business-related event but not a transaction to be recorded by Demers Real Estate Co. b. A business transaction for a shareholder, not to be recorded by Demers Real Estate Co. c. A business transaction to be recorded by Demers Real Estate Co. 2. Analyze the effects of the preceding events on the accounting equation of Demers Real Estate Co. 3. Record the transactions of the business in its journal. Include an explanation for each entry

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