Question

Camden County College ( 2 Homework ture.com/courses/6304/assignments/70121module item_id=168554 Fri Feb 7, 2020 13217PM (Amerka New York 05.00l Question 10 View Policies Current Attempt in Progress Presented below is information related to Novak Company Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $22.216 in exchange for common stock 2 Hires an administrative assistant 3 Purchases office furniture for $2.555. on account 6 Sells a house and lot for N. Fennig: bills N. Fennig $3.999 for realty services performed 27 Pays $944 on the balance related to the transaction of October 3 30 Pays the administrative assistant $2.777 in salary for October Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Record your the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit DELL

Answer 1

Journal Entries of the above transaction are as follows -

Date	Accounts Titled & Explanation	Dr.	Cr.
1-Oct	Cash A/c	22216
	To Common stock		22216
2-Oct	No Entry of Hiring Administrative Assistant
3-Oct	Furniture A/c	2555
	To Accounts payable		2555
6-Oct	N.Fenning/Cash A/c	3999
	To Service revenue		3999
	Note: If the commission received in cash then we use cash or if on account then accounts payable/N. Fenning
27-Oct	Accounts Payable	944
	To Cash		944
30-Oct	salary A/c	2777
	To Cash		2777

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