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The journal to record the transaction on October 1 would be:

The journal to record the transaction on October 1 would be:

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 Hanshew Real Estate Agency. Oct. 1 Stockholders invested $35,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $36,000. 3 Buys equipment for $3,500 on account. 6 Performed services (ie, sold a house and lot for a customer) worth $10,000 that will be paid within 30 days. 10 Borrows $6,000 from a local bank with an annual interest rate of 3%. The principle on the loan is not due until next year. 27 Pays $700 on account for the equipment purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October The journal to record the transaction on October 1 would be: Multiple Choice Odebit stockholder's equity for $35.000; credit cash for $35,000. no entry required.
Transcribed Image Text:This information relates to Hanshew Real Estate Agency. Oct. 1 Stockholders invested $35,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $36,000. 3 Buys equipment for $3,500 on account. 6 Performed services (ie, sold a house and lot for a customer) worth $10,000 that will be paid within 30 days. 10 Borrows $6,000 from a local bank with an annual interest rate of 3%. The principle on the loan is not due until next year. 27 Pays $700 on account for the equipment purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October The journal to record the transaction on October 1 would be: Multiple Choice Odebit stockholder's equity for $35.000; credit cash for $35,000. no entry required.
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