Oct. 1 James Coronado begins business as a real estate agent with a cash investment of $19,500. Hires an administrative assistant 2 Purchases office furniture for $2,470, on account. 3 6 Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. 27 Pays $1,430 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,250 in salary for October. saction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Prepare the debit- Increase Assets Debit-Credit Analysis Increase Revenues Affect on Accounting Equation Affect on Amounts Decrease Liabilities Oct. Decrease Assets $ 19.50 Debit Cash Debits Increase Expenses 19.50 Credit Owner's Capital Credits Increase Owner's Equity Decrease Revenues Oct. Decrease Owner's Equity $ No Entry Debit Debits 2 Decrease Expenses Credit No Entry Credits Increase Liabilities No Effect Oct. Debit Equipment Debits 8 36916/assignments/321831?module itemid-365229 ct. Debits : Debit Increase Assets Equipment 2470 Credits : Credit Increase Liabilities Accounts Payable 2,470 ct. Debits Increase Assets Debit Accounts Receivable $ 4,680 Credits Increase Expenses :Credit Service Revenue $ 4,680 ct. Debits Decrease Expenses Debit Accounts Payable 1,430 Credits Decrease Owner's Equity Credit Cash $ 1,430 ct. Debits Decrease Expenses Debit Salaries and Wages Expense 3,250 ) Credits Decrease Revenues Credit Cash $ 3.250 eTextbook and Media eTextbook Media Oct. 1 James Coronado begins business as a real estate agent with a cash investment of $19,500. Hires an administrative assistant 2 Purchases office furniture for $2,470, on account. 3 6 Sells a house and lot for C. Rouse; bills C. Rouse $4,680 for realty services performed. 27 Pays $1,430 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $3,250 in salary for October. saction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Prepare the debit- Increase Assets Debit-Credit Analysis Increase Revenues Affect on Accounting Equation Affect on Amounts Decrease Liabilities Oct. Decrease Assets $ 19.50 Debit Cash Debits Increase Expenses 19.50 Credit Owner's Capital Credits Increase Owner's Equity Decrease Revenues Oct. Decrease Owner's Equity $ No Entry Debit Debits 2 Decrease Expenses Credit No Entry Credits Increase Liabilities No Effect Oct. Debit Equipment Debits 8 36916/assignments/321831?module itemid-365229 ct. Debits : Debit Increase Assets Equipment 2470 Credits : Credit Increase Liabilities Accounts Payable 2,470 ct. Debits Increase Assets Debit Accounts Receivable $ 4,680 Credits Increase Expenses :Credit Service Revenue $ 4,680 ct. Debits Decrease Expenses Debit Accounts Payable 1,430 Credits Decrease Owner's Equity Credit Cash $ 1,430 ct. Debits Decrease Expenses Debit Salaries and Wages Expense 3,250 ) Credits Decrease Revenues Credit Cash $ 3.250 eTextbook and Media eTextbook Media
