Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oct 1 Stockholders invest $33,400 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $38,880. 3

image text in transcribed

Oct 1 Stockholders invest $33,400 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $38,880. 3 Buys office furniture for $3,890, on account. 6 Sells a house and lot for E.C. Roads; commissions due from Roads, $11,890 (not paid by Roads at this time). 10 Receives cash of $195 as commission for acting as rental agent renting an apartment. 27 Pays $610 on account for the office furniture purchased on October 30 Pays the administrative assistant $3,240 in salary for October. Prepare the debit-credit analysis for each transaction. If there is no transaction, then enter No Effect for the account and for the amount.) Oct. 1 Debits Decrease Stockholders' Equity Debit Cash 33400 Credits Increase Stockholders' Equity Credit Common Stock 33400 Oct. 2 Debits Debit Credits Credit Oct 3 Debits Debit Credits Credit Oct. 6 Debits Debit Credits Credit Oct. 10 Debits Debit Credits Credit Oct. 27 Debits Debit Credits Credit Oct. 30 Debits Debit Credits Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

dy dx Find the derivative of the function y=(4x+3)5(2x+1)2.

Answered: 1 week ago

Question

Explain the importance of nonverbal messages.

Answered: 1 week ago

Question

Describe the advantages of effective listening.

Answered: 1 week ago

Question

Prepare an employment application.

Answered: 1 week ago