Question

Presented below is information related to Concord Corporation.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $28,426 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $3,269, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $5,117 for realty services performed.
27 Pays $1,208 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $3,553 in salary for October.
Prepare the debit-credit analysis for each transaction.

Answer 1

Answer:

  Date             Account Titles             Debit       Credit  

October 1        Cash                            $28,426

                               Common Stock                    $28,426

October 2       No journal entry

October 3       Office Furniture           $3,269

                                 Accounts Payable             $3,269

October 6      Accounts Receivable    $5,117

                                 Service Revenue               $5,117

October 27    Accounts Payable        $1,208

                                  Cash                                  $1,208

October 30    Salaries Expense         $3,553

                                   Cash                                 $3,553