Question

This information relates to Monty Real Estate Agency. Oct. 1 Stockholders invest $34,040 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $32,880. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E.C. Roads; commissions due from Roads, $10,780 (not paid by Roads at this time). 10 Receives cash of $165 as commission for acting as rental agent renting an apartment. 27 Pays $690 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,740 in salary for October

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Oct 1	Cash	34040
	Common Stock		34040
Oct 2	No entry	0
	No entry		0
Oct 3	Equipment	4110
	Accounts Payable		4110
Oct 6	Accounts Receivable	10780
	Service Revenue		10780
Oct 10	Cash	165
	Service Revenue		165
Oct 27	Accounts Payable	690
	Cash		690
Oct 30	Salaries and wages expense	2740
	Cash		2740