This information relates to Flint Real Estate Agency. Oct. 1 Stockholders invest $30,740 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $38,880.
3 Buys office furniture for $3,630, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $12,010 (not paid by Roads at this time).
10 Receives cash of $135 as commission for acting as rental agent renting an apartment.
27 Pays $620 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $3,240 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.)
A. Oct. 1 Debits increase assets:
debit Cash $ 30000
Credits increase stockholders' equity:
credit Common stock $ 30000
B. Oct. 2 Debits increase no effect:
debit___ $
Credits increase
credit $
C. Oct 3 Debits increase assets:
debit $ 4600
Credits increase liabilities:
credit Accounts payable $ 4600 .
D. Oct. 6 Debits increase :
debit $
Credits increase :
credit ___ $
E. Oct. 10 Debits increase assets:
debit ___ Cash $ 140
Credits increase
credit $
F. Oct 27 Debits decrease :
debit $
Credits decrease :___
credit $.
G. Oct 30 Debits increase :
debit $
Credits decrease :
credit ___ $.