Date | Debt Analysis | Debit Amount | Credit Analysis | Credit Amount |
Oct. 1 | Cash Account is debited because cash is an asset and it always has debit balance and when issue of shares, cash comes into the business so it increases, hence, debited. | $31,460 | Common Stock Account is credited because it is an equity account and it always has credit balance. When common stock is issued, it increases so it is credited. | $31,460 |
Oct. 2 | No Effect because it is not a transaction. | $0 | No Effect because it is not a transaction. | $0 |
Oct. 3 | Furniture Account is debited because furniture is an asset and it always has debit balance and when furniture is purchases, its balance increases, hence, it is debited. | $3,810 | Accounts Payable Account is credited because it is a liability account and it always has a credit balance. When furniture is purchased on account, liability increases so it is credited. | $3,810 |
Oct. 6 | Accounts Receivable Account is debited because Accounts Receivable is an asset and it always has a debit balance and commision is earned, the amount is not received, hence, it will be treated as asset, thus, it is debited. | $11,020 | Commission Revenue Account is credited because it is a revenue account and it always has credit balance. When commission revenue is earned, the revenue account increases, thus, it is credited. | $11,020 |
Oct. 10 | Cash Account is debited because cash is an asset and it always has debit balance and when cash is received, its balance increases, thus, it is debited. | $230 | Commission Revenue Account is credited because it is a revenue account and it always has credit balance. When commission revenue is earned, the revenue account increases, thus, it is credited. | $230 |
Oct. 27 | Accounts Payable Account is debited because it is a liability account which is decreased due to settlement of the account, hence, it is debited. | $780 | Cash Account is credited because it decreases due to payment made to creditors. | $780 |
Oct. 30 | Salaries Expense Account is debited because is is an expense account and it always has debit balance. When salaries expense is accrued then it increases, thus, it is debited. | $2,650 | Cash Account is credited because it decreases due to payment made to administrative assistant. | $2,650 |
Policies Tent Attempt in Progress This information relates to Ayayai Real Estate Agency. Oct. 1 Stockholders...
This information relates to Ayayai Real Estate Agency. Oct. 1 Stockholders invest $31,460 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $31,800. 3 Buys office furniture for $3,810, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,020 (not paid by Roads at this time). 10 Receives cash of $230 as commission for acting as rental agent renting an apartment. 27 Pays $780...
Exercise 3-09 This information relates to Ayayal Real Estate Agency. Oct. 1 Stockholders invest $31,460 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $31,800. 3 Buys office furniture for $3,810, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,020 (not paid by Roads at this time), 10 Receives cash of $230 as commission for acting as rental agent renting an apartment 27...
-/1 This information relates to Ayayai Real Estate Agency Oct. 1 2 3 6 10 Stockholders invest $31.460 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $31.800. Buys office furniture for $3,810, on account. Sells a house and lot for E.C. Roads, commissions due from Roads, $11,020 (not paid by Roads at this time). Receives cash of $230 as commission for acting as rental agent renting an apartment Pays $780 on...
This information relates to Indigo Real Estate Agency Oct. 1 Stockholders invest $31,830 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $38,400. 3 Buys office furniture for $3,910, on account 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,300 (not paid by Roads at this time). 10 Receives cash of $190 as commission for acting as rental agent renting an apartment. 27 Pays $610...
This information relates to Cheyenne Real Estate Agency. Oct. 1 Stockholders invest $31,770 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,720. 3 Buys office furniture for $3,740, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,430 (not paid by Roads at this time). 10 Receives cash of $185 as commission for acting as rental agent renting an apartment. 27 Pays $800...
This information relates to Indigo Real Estate Agency. Oct. 1 Stockholders invest $31,830 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $38,400. 3 Buys office furniture for $3,910, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,300 (not paid by Roads at this time). 10 Receives cash of $190 as commission for acting as rental agent renting an apartment. 27 Pays $610...
This information relates to Swifty Real Estate Agency. Oct. 1 Stockholders invest $30, 180 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $43,800. 3 Buys office furniture for $4,010, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,120 (not paid by Roads at this time). 10 Receives cash of $175 as commission for acting as rental agent renting an apartment. 27 Pays...
Oct. 1 2 3 6 Stockholders invest $31,460 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $31.800. Buys office furniture for $3.810, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $11.020 (not paid by Roads at this time). Receives cash of $230 as commission for acting as rental agent renting an apartment. Pays $780 on account for the office furniture purchased on October 3....
CALCULATOR FULL S Exercise 3-8 This information relates to McCall Real Estate Agency. Oct. 1 Stockholders Invest $33,310 in exchange for common stock of the corporation 2 Hires an administrative assistant at an annual salary of $43,680. 3 Buys office furniture for $3,960, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10.670 (not paid by Roads at this time). 10 Receives cash of $140 as commission for acting as rental agent renting...
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...