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This information relates to Novak Real Estate Agency. Oct. 1 Stockholders invest $33,600 in exchange for common stock of the corporation. 2 Hires an administrative
This information relates to Novak Real Estate Agency. Oct. 1 Stockholders invest $33,600 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $36,480. 3 Buys office furniture for $3,780, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $12,290 (not paid by Roads at this time). 10 Receives cash of $145 as commission for acting as rental agent renting an apartment. 27 Pays $670 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,040 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 O for the amount.) Oct. 1 Debits Debit $ Credits Oct. 2 Debits
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