Exercise 3-7

This information relates to Crofoot Real Estate Agency.

Oct. 1		Stockholders invest $30,000 in exchange for common stock of the corporation.
2		Hires an administrative assistant at an annual salary of $36,000.
3		Buys office furniture for $3,800, on account.
6		Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time).
10		Receives cash of $140 as commission for acting as rental agent renting an apartment.
27		Pays $700 on account for the office furniture purchased on October 3.
30		Pays the administrative assistant $3,000 in salary for October.

Prepare the debit