Question

The following information relates to Swifty Real Estate Agency, Oct. 1 2 3 James Swifty begins business as a real estate agent with a cash investment of $19.950. Hires an administrative assistant. Purchases office furniture for $2,527, on account. Sells a house and lot for C. Rouse; bills C. Rouse $4,788 for realty services performed. Pays $1.463 on the balance related to the transaction of October 3. Pays the administrative assistant $3,325 in salary for October 6 27 30 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit-Credit Analysis Affect on Accounting Equation A Oct 1 Debits Debit $ Credits Credit $ Oct. 2 Debits : Debit $ Credits v . Credit $ Oct. 3 Debits Debit $ Credits > Credit $ Oct 6 Debits V Debit $ Credits < Credit $ Oct. 27 Debits > Debit 5 Credits Credit $ Oct. 30 Debits Debit $ Credits Credit

Answer 1

Answer

--Requirements asked

Oct-01	Debit	Asset	Debit	Cash	Amount	$19,950
	Credit	Stockholder's Equity	Credit	Capital account	Amount	$19,950
Oct-02	Debit	No entry	Debit	No entry	Amount	$0
	Credit	No entry	Credit	No entry	Amount	$0
Oct-03	Debit	Asset	Debit	Office Furniture	Amount	$2,527
	Credit	Liability	Credit	Accounts Payable	Amount	$2,527
Oct-06	Debit	Asset	Debit	Account receivables	Amount	$4,788
	Credit	Stockholder's Equity	Credit	Service Revenue	Amount	$4,788
Oct-27	Debit	Liability	Debit	Accounts Payable	Amount	$1,463
	Credit	Asset	Credit	Cash	Amount	$1,463
Oct-30	Debit	Stockholder's Equity - Expense	Debit	Salaries expense	Amount	$3,325
	Credit	Asset	Credit	Cash	Amount	$3,325