Question

This information relates to Pickert Real Estate Agency.

Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.

Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter no effect for the account and 0 for the amount.)

Oct. 1 Debits increase assets:
debit Cash $ 30000
Credits increase stockholders' equity:
credit Common stock $ 30000

Oct. 2 Debits increase no effect:
debit___$______
Credits increase ______
credit ____$_______

Oct 3 Debits increase assets:
debit ______$ 4600
Credits increase liabilities:
credit Accounts payable $ 4600 .

Oct. 6 Debits increase :_____
debit ____$_____
Credits increase :____
credit ___$____

Oct. 10 Debits increase assets:
debit ___ Cash $ 140
Credits increase ____
credit____$____

Oct 27 Debits decrease :_____
debit_____$____
Credits decrease :___
credit____$.____

Oct 30 Debits increase :____
debit ____$____
Credits decrease :_____
credit ___$.____