This information relates to Flounder Real Estate Agency. Oct. 1 Stockholders invest $29,600 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,660, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,050 (not paid by Roads at this time).
10 Receives cash of $180 as commission for acting as rental agent renting an apartment.
27 Pays $600 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.

Required:
Prepare the debit-credit analysis for each transaction.

Answer and Explanation:

Oct 1:

Debit cash $29600

Credit common stock $29600

Oct 2:

Debit no effect

Credit no effect

Oct 3:

Debit office furniture $3660

Credit accounts payable $3660

Oct 6:

Debit accounts receivable $10050

Credit revenue account $10050

Oct 10:

Debit cash $180

Credit revenue $180

Oct 27:

debit accounts payable $600

Credit cash $600

Oct 30:

Debit salary expense $2550

Credit cash $2550

Note :credit and debit can both increase and decrease an account's value depending on if the account is an asset or liability account or an income or expense account

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

answer; foreign exchange transaction;