Presented below is information related to Pickett Real Estate Agency. Oct. 1 2 3 6 27 30 31 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock. Hires an administrative assistant. Purchases office equipment for $3,500, by paying $500 cash with the balance on account. Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster. Pays $1,000 on the balance related to the transaction of October 3. Pays the administrative assistant $2,300 in salary for October. Collects $1,500 of the balance owed by N. Foster.
Presented below is information related to Pickett Real Estate Agency. Oct. 1 2 3 6 27 30 31 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock. Hires an administrative assistant. Purchases office equipment for $3,500, by paying $500 cash with the balance on account. Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster. Pays $1,000 on the balance related to the transaction of October 3. Pays the administrative assistant $2,300 in salary for October. Collects $1,500 of the balance owed by N. Foster.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
DO NOT GIVE SOLUTION IN IMAGE
Transcribed Image Text:Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Date
Debit
Credit
Transcribed Image Text:Presented below is information related to Pickett Real Estate Agency.
Oct. 1 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock.
2
Hires an administrative assistant.
3
Purchases office equipment for $3,500, by paying $500 cash with the balance on account.
Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N.
Foster.
Pays $1,000 on the balance related to the transaction of October 3.
Pays the administrative assistant $2,300 in salary for October.
Collects $1,500 of the balance owed by N. Foster.
6
27
30
31
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