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This information relates to Flounder Real Estate Agency.

Oct. 1 Stockholders invest $29,600 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,660, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,050 (not paid by Roads at this time).
10 Receives cash of $180 as commission for acting as rental agent renting an apartment.
27 Pays $600 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.

Required:
Prepare the debit-credit analysis for each transaction.

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Answer and Explanation:

Oct 1:

Debit cash $29600

Credit common stock $29600

Oct 2:

Debit no effect

Credit no effect

Oct 3:

Debit office furniture $3660

Credit accounts payable $3660

Oct 6:

Debit accounts receivable $10050

Credit revenue account $10050

Oct 10:

Debit cash $180

Credit revenue $180

Oct 27:

debit accounts payable $600

Credit cash $600

Oct 30:

Debit salary expense $2550

Credit cash $2550

Note :credit and debit can both increase and decrease an account's value depending on if the account is an asset or liability account or an income or expense account

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