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2 3 rmation relates to Sheffield Real Estate Agency Stockholders invest $31,130 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,120 Buys office furniture for $3,830, on account. Sells a house and lot for E.C. Roads; commissions due from Roads, $12.570 (not paid by Roads at this

2 3 rmation relates to Sheffield Real Estate Agency Stockholders invest $31,130 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,120 Buys office furniture for $3,830, on account. Sells a house and lot for E.C. Roads; commissions due from Roads, $12.570 (not paid by Roads at this

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This information relates to Sheffield Real Estate Agency Oct. 1 2 3 6 10 Stockholders invest $31,130 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,120. Buys office furniture for $3,830, on account. Sells a house and lot for E.C. Roads; commissions due from Roads, $12.570 (not paid by Roads at this time). Receives cash of $240 as commission for acting as rental agent renting an apartment. Pays $680 on account for the office furniture purchased on October 3. 27 30 Pays the administrative assistant $3,510 in salary for October. Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Credit Date Account Titles and Explanation Oct. 1 v Common Stock Debit
Transcribed Image Text:This information relates to Sheffield Real Estate Agency Oct. 1 2 3 6 10 Stockholders invest $31,130 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $42,120. Buys office furniture for $3,830, on account. Sells a house and lot for E.C. Roads; commissions due from Roads, $12.570 (not paid by Roads at this time). Receives cash of $240 as commission for acting as rental agent renting an apartment. Pays $680 on account for the office furniture purchased on October 3. 27 30 Pays the administrative assistant $3,510 in salary for October. Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Credit Date Account Titles and Explanation Oct. 1 v Common Stock Debit
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