# Culver Real Estate Agency: Journalizing Transactions## Transaction OverviewThe following transactions relate to Culver Real Estate Agency for the month of October:### October 1- **Transaction:** Stockholders invested $30,240 in exchange for common stock of the corporation.- **Entry:** (To be journalized)### October 2- **Transaction:** Hired an administrative assistant at an annual salary of $39,600.- **Entry:** No immediate entry required (salary will be recorded when paid).### October 3- **Transaction:** Bought office furniture for $4,020 on account.- **Entry:** (To be journalized)### October 6- **Transaction:** Sold a house and lot for E.C. Roads; commissions due from Roads amount to $10,440 (not paid by Roads at this time).- **Entry:** (To be journalized)### October 10- **Transaction:** Received cash of $140 as commission for acting as a rental agent renting an apartment.- **Entry:** (To be journalized)### October 27- **Transaction:** Paid $650 on account for the office furniture purchased on October 3.- **Entry:** (To be journalized)### October 30- **Transaction:** Paid the administrative assistant $3,300 in salary for October.- **Entry:** (To be journalized)## Journalizing Transactions**Instructions:** If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-----------|-----------|| Oct. 1 | Cash | $30,240 | || | Common Stock | | $30,240 || Oct. 3 | Office Furniture | $4,020 | || | Accounts Payable | | $4,020 || Oct. 6 | Accounts Receivable | $10,440 | || | Commission Revenue | | $10,440 || Oct. 10 | Cash | $140 | ||

This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,240 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $39,600. Buys office furniture for $4,020, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,440 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $650 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,300 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. List all debit entries before credit entries.) Date V Account Titles and Explanation Debit Credit

This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,240 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $39,600. Buys office furniture for $4,020, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,440 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $650 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,300 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. List all debit entries before credit entries.) Date V Account Titles and Explanation Debit Credit

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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