This information relates to Sarasota Real Estate Agency. Oct. 1 Stockholders invest $31,580 in exchange for common stock of the
corporation.
2 Hires an administrative assistant at an annual salary of $33,360.
3 Buys office furniture for $3,650, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads,
$11,680 (not paid by Roads at this time).
10 Receives cash of $135 as commission for acting as rental agent renting an
apartment.
27 Pays $610 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,780 in salary for October.
Prepare the debit-credit analysis for each transaction.
Oct. 1 Debits
Debit Cash 31,580
Credits
Credit Common Stock 31,580
Oct. 2 Debits No Effect
Debit No Effect
Credits No Effect
Credit No Effect
Oct. 3 Debits
Debit
Credits
Credit Accounts Payable $3,650
Oct. 6 Debits
Debit Accounts Receivable $11,680
Credits Credit 11,680
Oct. 10 Debits
Debit Cash 135
Credits Credit 135
Oct. 27 Debits
Debit Accounts Payable 610
Credits
Credit Cash 610
Oct. 30 Debits
Debit Salaries and Wages
Expense 2,780
Credits
Credit Cash $2,780