1. Diane Lexington begins business as a real estate agent with a cash investment of $28,490 in exchange for common stock. 2. Hires an administrative assistant. 3. Purchases office furniture for $3,276, on account. 4. Sells a house and lot for N. Fennig; bills N. Fennig $3,600 for realty services performed. 5. Pays $850 on the balance related to the transaction of October 3.6. Pays the administrative assistant $2,500 in salary for October. Date Account Titles Ref. Debit CreditOct. 1 2 3 4 5 6

Question

Business

Deven Russell

10 January, 01:17

1. Diane Lexington begins business as a real estate agent with a cash investment of $28,490 in exchange for common stock. 2. Hires an administrative assistant. 3. Purchases office furniture for $3,276, on account. 4. Sells a house and lot for N. Fennig; bills N. Fennig $3,600 for realty services performed. 5. Pays $850 on the balance related to the transaction of October 3.6. Pays the administrative assistant $2,500 in salary for October. Date Account Titles Ref. Debit CreditOct. 1 2 3 4 5 6

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Annora · Answer 1

According to the scenario, the following transaction can be put in journal as follows:

Date Account Titles Ref. Debit ($) Credit ($)

Oct. 1 Cash $28,490

Common stock $28,490

Oct. 2 No journal

Oct. 3 Office furniture $3,276

Accounts payable $3,276

Oct. 4 Account receivable $3,600

Revenue on service $3,600

Oct. 5 Accounts payable $850

Cash $850

Oct. 6 Salary expense $2,500

Cash $2,500