Question

+ Ch 3: Homework Question 1 of 10 -/1 This information relates to Riverbed Real Estate Agency. Oct. 1 2 3 6 10 Stockholders invest $32,300 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,600. Buys office furniture for $3,650, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $12,790 (not pa Receives cash of $180 as commission for acting as rental agent renting an apartme Pays $620 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,550 in salary for October. 27 30 Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and for the amount.) Oct. 1 Debits Increase Assets Debit Cash $ 32.000 Credits Increase Stockholders' Equity Credit Common Stock es 32.000 Oct. 2 Debits No Effect . os Debit No Effect Credits No Effect Credit No Effect

Answer 1

$32,300 Oct. 1 Debit Increase Aseets Debit Cash Credit Increase Stockholders' Equity Credit Common Stock $32,300 $0 Oct. 2 Debit No Effect Debit No Entry Credit No Effect Credit No Entry $0 $3,650 Oct. 3 Debit Increase Aseets Debit Office Furniture Credit Increase Liabilities Credit Accounts Payable $3,650 $12,790 Oct. 6 Debit Increase Aseets Debit Accounts Receivable Credit Increase Revenue Credit Commission Income $12,790 $180 Oct. 10 Debit Increase Aseets Debit Cash Credit Increase Revenue Credit Commission Income $180 $620 Oct. 27 Debit Decrease Liabilities Debit Accounts Payable Credit Decrease Assets Credit Cash $620 $2,550 Oct. 30 Debit Debit Credit Credit Increase Expenses Salary expense Decrease Assets Cash $2,550

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.