Question

Question 6 View Policies Current Attempt in Progress This information relates to Pronghorn Real Estate Agency Oct. 1 Stockholders invest $31,100 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $31,320. 3 Buys office furniture for $3.970, on account 6 Sells a house and lot for E.C. Roads; commissions due from Roads, $12,380 (not paid by Roads at this time). 10 Receives cash of $240 as commission for acting as rental agent renting an apartment. 27 Pays $770 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2.610 in salary for October. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically in Account Titles and Explanation Debit Credit Date Oct. 10 Oct. 1

Answer 1

Journal entry

Date	account and explanation	Debit	Credit
Oct 1	Cash	31100
	Common Stock		31100
Oct 2	No Journal entry
	No journal entry
Oct 3	Office furniture	3970
	Account payable		3970
Oct 6	Account receivable	12380
	Commission revenue		12380
Oct 10	Cash	240
	Commission revenue		240
Oct 27	Account payable	770
	Cash		770
Oct 30	Salary expense	2610
	Cash		2610