Question

Question 7 of 11 < -11 This information relates to Ayayal Real Estate Agency, Oct. 1 2 3 6 10 27 30 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 Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Oct. 1 Oct.2 Oct. 3 Oct. 6 MacBook Air 80 od 23: 18 25 + $ + 3 % 5 & 7 ) 0 4 8 9 { E P R T Y U 0 Р D F G H J K L

Answer 1

Journal Entries:

Date        Account Titles and Explanation                        Debit             Credit

Oct 1       Cash A/c    Dr $31,460

                     To Common Stock A/c            $31,460

(Issue of Common Stock to Stockholders)

Oct 2        No Entry                                                                                                        

(There is no accounting transaction to be recorded in the books of accounts while hiring an administrative assistant)

Oct 3        Office Furniture A/c            Dr                                   $3,810

                        To Accounts Payable A/c                            $3,810

(Purchase of office furniture on account)

Oct 6        E. C. Roads A/c (Accounts Receivable)    Dr    $11,020

                         To Commission Revenue A/c                       $11,020

(Commission due from E. C. Roads for sale of house and lot)

Oct 10       Cash A/c                             Dr       $230

                           To Commission Revenue A/c        $230

(Commission received acting as rental agent)

Oct 27       Accounts Payable A/c        Dr           $780

                            To Cash A/c                                       $780

(Payment made for the office furniture purchased on Oct 3)

Oct 30       Salary Expense A/c          Dr           $2,650

                            To Cash A/c                                   $2,650

      (Payment of salary for the month of October to Administrative Assistant)