The following information is related to Bramble Real Estate Agency. Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $19,500 in exchange for common stock. 2 3 6 27 30 Hires an administrative assistant. Purchases office furniture for $1,900, on account. (Hint: Use the Equipment account.) Sells a house and lot for N. Fennig: bills N. Fennig $3,800 for realty services performed. Pays $1,500 on the balance related to the transaction of October 3. Pays the administrative assistant $2,750 in salary for October. Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)

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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The following information is related to Bramble Real Estate Agency.
Oct. 1
Oct.
2
3
Oct.
6
27
30
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
Diane Lexington begins business as a real estate agent with a cash investment of $19.500 in exchange for common
stock
Hires an administrative assistant.
Purchases office furniture for $1,900, on account. (Hint: Use the Equipment account.)
Sells a house and lot for N. Fennig: bills N. Fennig $3,800 for realty services performed.
Pays $1,500 on the balance related to the transaction of October 3.
Pays the administrative assistant $2,750 in salary for October.
1 Debits
3
Oct. 2 Debits
لها
Credits
Credits
Debits
Credits
Oct. 6 Debits
Credits
Oct. 27 Debits
Credits
Oct. 30 Debits
Credits
Increase Assets
Increase Revenues
Decrease Llabilities
Decrease Assets
Increase Expenses
Increase Stockholders' Equity
Decrease Revenues
Decrease Stockholders' Equity
Decrease Expenses
Increase Llabilitles
No Effect
:
:
Debit
Credit
Debit
Credit
Debit
:
: Debit
Debit-Credit Analysis
Credit
: Credit
: Debit
: Credit
: Debit
Credit
No Entry
No Entry
Transcribed Image Text:The following information is related to Bramble Real Estate Agency. Oct. 1 Oct. 2 3 Oct. 6 27 30 Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Diane Lexington begins business as a real estate agent with a cash investment of $19.500 in exchange for common stock Hires an administrative assistant. Purchases office furniture for $1,900, on account. (Hint: Use the Equipment account.) Sells a house and lot for N. Fennig: bills N. Fennig $3,800 for realty services performed. Pays $1,500 on the balance related to the transaction of October 3. Pays the administrative assistant $2,750 in salary for October. 1 Debits 3 Oct. 2 Debits لها Credits Credits Debits Credits Oct. 6 Debits Credits Oct. 27 Debits Credits Oct. 30 Debits Credits Increase Assets Increase Revenues Decrease Llabilities Decrease Assets Increase Expenses Increase Stockholders' Equity Decrease Revenues Decrease Stockholders' Equity Decrease Expenses Increase Llabilitles No Effect : : Debit Credit Debit Credit Debit : : Debit Debit-Credit Analysis Credit : Credit : Debit : Credit : Debit Credit No Entry No Entry
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