Question

This information relates to Sarasota Real Estate Agency. Oct. 1 Stockholders invest $31,580 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $33.360. 3 Buys office furniture for $3,650, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,680 (not paid by Roads at this time). 10 Receives cash of $135 as commission for acting as rental agent renting an apartment. 27 Pays $610 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,780 in salary for October.

I Can't figure out what is the right answers for these red columns. Can someone help me?

Answer 1

$31,580 Oct. 1 Debits Debit Credits Credit Increase Assets Cash Increase Stockholders' Equity Common Stock $31,580 Oct. 2 Debits No Effect Debit No Effect Credits No Effect Credit No Effect Oct. 3 $3,650 Debits Debit Credits Credit Increase Assets Equipment Increase Liabilities Accounts Payable $3,650

Oct. 6 $11,680 Debits Debit Credits Credit Increase Assets Accounts Receivable Increase Revenues Service Revenue $11,680 Cash $135 Oct. 10 Debits Increase Assets Debit Credits Increase Revenues Credit Service Revenue $135 $610 Oct. 27 Debits Debit Credits Credit Decrease Liabilities Accounts Payable Decrease Assets Cash $610

$2,780 Oct. 30 Debits Debit Credits Credit Increase Expenses Salaries and Wages Expense Decrease Assets Cash $2,780