Presented below is information related to Swifty Corporation. Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $21,688 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,494, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $3,904 for realty services performed.
27 Pays $922 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,711 in salary for October.
DateAccount TitlesRef. DebitCredit
Oct. 1
2
3
6
27
30

1) Oct 1

Dr Cash $21,688

Cr Common stock $21,688

2. No entry

3. Oct 3

Dr Cost of real estate service $2,494

Cr Accounts payable $2,494

4. Oct 1

Dr Accounts receivable $3,904

Cr Reality service revenue $3,904

5. Oct 27

Dr Accounts payable $922

Cr Cash $922

6. Oct 30

Dr Cost of real estate service $2,711

Cr Cash $2,711

Explanation:

Preparation of the debit-credit analysis for each transaction.

1) Oct 1

Dr Cash $21,688

Cr Common stock $21,688

[Being to record Issued common stock to properties]

2. No entry

3. Oct 3

Dr Cost of real estate service $2,494

Cr Accounts payable $2,494

[Being to record Purchased on account office furniture]

4. Oct 1

Dr Accounts receivable $3,904

Cr Reality service revenue $3,904

[Being to record Sold reality estate and bill raised]

5. Oct 27

Dr Accounts payable $922

Cr Cash $922

[Being to record paid dues of Oct 3 in part]

6. Oct 30

Dr Cost of real estate service $2,711

Cr Cash $2,711

[Being to record Salary paid to administrative staff]