Question

Question 5 View Policies Show Attempt History Current Attempt in Progress Selected transactions for Polland Real Estate Agency during its first month of business follow: June 1 Samantha Polland opened Polland Real Estate Agency with an investment of $13,440 cash and $3,250 of equipment. 2 Paid $1,000 for a one-year insurance policy. 3 Purchased additional equipment for $4,200, paying $810 cash and signing a note payable for the balance. 10 Received $285 cash as a fee for renting an apartment. 16 Sold a house and lot to B. Rollins. The commission due from Rollins is $7,890. (It is not paid by Rollins at this time). 27 Paid $610 for advertising to run during June. 29 Received an $60 bill for telephone service during the month of June. (The bill is paid in July.) 30 Paid an administrative assistant $1,670 in salary for June. 30 Received $7,890 cash from B. Rollins for the June 16 transaction.

Answer 1

Date	Account Titles	Debit	Credit
June. 1	Cash	13,440
	Equipment	3,250
	S. Polland, Capital		16,690
June. 2	Prepaid insurance	1,000
	Cash		1,000
June. 3	Equipment	4,200
	Cash		810
	Note payable		3,390
June. 10	Cash	285
	Service revenue		285
June. 16	Accounts receivable	7,890
	Service revenue		7,890
June. 27	Advertising expense	610
	Cash		610
June. 29	Telephone expense	60
	Accounts payable		60
June. 30	Salaries expense	1,670
	Cash		1,670
June. 30	Cash	7,890
	Accounts receivable		7,890

1.000 June. 1 June. 10 Cash 13,440 June 2 285 June. 3 June. 27 June. 30 9,635 810 610 1,670 Bal. June. 16 Bal. Accounts receivable 7,890 7,890 June. 2 Bal. Prepaid insurance 1,000 1,000 June. 1 June. 3 Equipment 3,250 4,200 7,450 Bal. Notes payable June. 3 Bal. 3,390 3,390 Accounts payable June. 29 Bal. 60

S. Polland, Capital June. 1 Bal. 16,690 16,690 285 Service revenue June. 10 June. 16 Bal. 7,890 8,175 June 30 Bal. Salaries expense 1,670 1,670 L June. 27 Bal. Advertising expense 610 610 June. 29 Bal. Telephone expense 60 60