1

Selected transactions for Polland Real Estate Agency during its first month of business follow:

June 1 Samantha Polland opened Polland Real Estate Agency with an investment of $13,920 cash and $3,140 of equipment.

June 2 Paid $1,270 for a one-year insurance policy.

June 3 Purchased additional equipment for $4,990, paying $720 cash and signing a note payable for the balance.

June 10 Received $365 cash as a fee for renting an apartment.

June 16 Sold a house and lot to B. Rollins. The commission due from Rollins is $7,850. (It is not paid by Rollins at this time).

June 27 Paid $735 for advertising during June.

June 29 Received an $70 bill for telephone service during the month of June. (The bill is paid in July.)

June 30 Paid an administrative assistant $2,120 in salary for June.

June 30 Received $7,850 cash from B. Rollins for the June 16 transaction.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)