Question

1. Presented below is information related to Conan Real Estate Agency.

Oct. 1 -   Arnold Conan begins business as a real estate agent with a cash investment of $18,000 in  

                exchange for common stock.

         2 - Hires an administrative assistant.

         3 - Purchases office equipment for $1,700, on account.

         6 – Sells a house and lot to John Homes; bills Homes $4,200 for realty services performed.

       27 – Pays $900 on the balance related to the transaction of October 3.

       30 – Pays the administrative assistant $2,800 in salary for October.

Instructions: Journalize the transactions.

Answer 1

Date	Account titles and explanation	Debit	Credit
Oct. 1	Cash	$18,000
	Common Stock		$18,000
Oct. 2	No entry required
Oct. 3	Equipment	$1,700
	Accounts Payable		$1,700
Oct. 6	Accounts Receivable	$4,200
	Service Revenue		$4,200
Oct. 27	Accounts Payable	$900
	Cash		$900
Oct. 30	Salaries and Wages Expense	$2,800
	Cash		$2,800

Answer 2

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