Question

Presented below is information related to Larkspur Company Oct. 1 2 3 6 Diane Lexington begins business as a real estate agent with a cash investment of $28,490 in exchange for common stock. Hires an administrative assistant Purchases office furniture for $3,276, on account. Sells a house and lot for N. Fennig; bills N. Fennig $5,128 for realty services performed. Pays $1,211 on the balance related to the transaction of October 3. Pays the administrative assistant $3,561 in salary for October. 27 30 Journalize the transactions. (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. If no entry is required, select "No Entry for the account titles and enter for the amounts.)

Answer 1

1 $ debit 28490 $Credit 28490 3276 3276 5128 date Accounts cash Oct-01 To common stock (cash invested to business) Oct-03 office funiture To Accounts payable (purchase furniture on credit) Oct-06 accounts receivable To service revenue (bills for realty service performed) Oct-27 Accounts payable To Cash (payment on account) Oct-30 salary expense To cash (payment for salary 5128 1211 1211 3561 3561

2 date Accounts $ debit $Credit 01-Oct cash 5500 common stock 5500 (issue common stock for cash) Oct-10 cash 600 service revenue 600 (received cash for service provided) Oct-10 cash 2700 note payable 2700 (obtained loan from bank) Oct-20 cash 440 Account receivable 440 (received cash in payment on account) Oct-06 accounts receivable 610 service revenue 610 (billed client for service provided)