Question

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. Pays the administrative assistant $2,650 in salary for October. 10 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 Debit Credits Credit Oct. 2 Debits Debit $ Credits Credit Oct. 3 Debits Debit $ Credits Credit $ Oct. 6 Debits Debit $ Credits V Credit v $ Oct. 10 Debits Debit ✓ $ Credits V Credit Oct. 27 Oct. 27 Debits Debit $ Credits Credit $ Oct. 30 Debits Debit $ Credits Credit

Answer 1

$31,460 Oct. 1 Debit Increase Aseets Debit Cash Credit Increase Stockholders' Equity Credit Common Stock $31,460 Oct. 2 Debit No Effect Debit No Entry Credit No Effect Credit No Entry $0 $ $3,810 Oct. 3 Debit Increase Aseets Debit Office Furniture Credit Increase Liabilities Credit Accounts Payable $3,810 $11,020 Oct. 6 Debit Increase Aseets Debit Accounts Receivable Credit Increase Revenue Credit Commission Income $11,020 $230 Oct. 10 Debit Increase Aseets Debit Cash Credit Increase Revenue Credit Commission Income $230 $780 Oct. 27 Debit Decrease Liabilities Debit Accounts Payable Credit Decrease Assets Credit Cash $780 Oct. 30 Debit Increase Expenses Debit Salary expense Credit Decrease Assets Credit Cash $2,650 $2,650

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