Question

This information relates to McCall Real Estate Agency.

Oct. 1		Stockholders invest $30,960 in exchange for common stock of the corporation.
2		Hires an administrative assistant at an annual salary of $39,960.
3		Buys office furniture for $3,630, on account.
6		Sells a house and lot for E. C. Roads; commissions due from Roads, $11,130 (not paid by Roads at this time).
10		Receives cash of $230 as commission for acting as rental agent renting an apartment.
27		Pays $640 on account for the office furniture purchased on October 3.
30		Pays the administrative assistant $3,330 in salary for October.

Journalize the transactions. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30
Oct. 1Oct. 2Oct. 3Oct. 6Oct. 10Oct. 27Oct. 30

Answer 1

Journal Entries
Date	Account Titles and Explanation	Debit	Credit
Oct. 1	Cash	$30,960
	Common Stock		$30,960
	(To record the cash is invested in the business)
Oct. 2	No Journal Entry
	There is no financial impact due to hiring, hence, it is not recorded.
Oct. 3	Office Furniture	$3,630
	Accounts Payable		$3,630
	(To record the purchase of office furniture on account)
Oct. 6	Accounts Receivable	$11,130
	Service Revenue		$11,130
	(To record the services provided but cash is not yet collected)
Oct. 10	Cash	$230
	Service Revenue		$230
	(To record the services provided by cash)
Oct. 27	Accounts Payable	$640
	Cash		$640
	(To record the payment made on accounts payable relating to office furniture)
Oct. 30	Salaries Expense	$3,330
	Cash		$3,330
	(To record the payment of salaries to the assistant)