[dj0585185]

I'm working on a homework assignment for my Accounting class and I'm not sure if I've done it correctly. I'm like to think that I'm getting the hang of it. Any help would be great

Problem:

Oct. 1 Stockholders invested $25,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $3,600, on account.
Oct. 6 Sells a house and lot for M.E. Mills; commissions due from Mills, $10,800 (not paid by Mills at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.

My Answers: Debit Credit

Oct. 1 Common Stock 25000
Cash 25000

Oct. 2 No entry


Oct. 3 Office furniture 3600
Accounts Receivable 3600

Oct. 6 Salaries Expense 10800
Accounts Payable 10800

Oct. 10 Cash 140
Accounts Receivable 140

Oct. 27 Accounts Receivable 700
Office furniture 700

Oct. 30 Salaries Expense 3500
Cash 3500

[AdamUTsel]

Oct. 1 Stockholders invested $25,000 in exchange for common stock of the corporation.

Dr. Cash 25000
Cr. Common Stock 25000

Oct. 2 Hires an administrative assistant at an annual salary of $42,000.

No entry currently.

Oct. 3 Buys office furniture for $3,600, on account.
Dr. Furniture 3600
Cr. Accounts Payable 3600

Oct. 6 Sells a house and lot for M.E. Mills; commissions due from Mills, $10,800 (not paid by Mills at this time).

Dr. Commission Receivable 10800
Cr. Commission Revenue 10800

Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.

Dr. Cash 140
Cr. Commission Revenue 140

Oct. 27 Pays $700 on account for the office furniture purchased on October 3.

Dr. Accounts Payable 700
Cr. Cash 700

Oct. 30 Pays the administrative assistant $3,500 in salary for October.

Dr. Salary Expense 3500
Cr. Cash 3500

[dj0585185]

Oct. 1 Stockholders invested $25,000 in exchange for common stock of the corporation.

Dr. Cash 25000
Cr. Common Stock 25000

Oct. 2 Hires an administrative assistant at an annual salary of $42,000.

No entry currently.

Oct. 3 Buys office furniture for $3,600, on account.
Dr. Furniture 3600
Cr. Accounts Payable 3600

Oct. 6 Sells a house and lot for M.E. Mills; commissions due from Mills, $10,800 (not paid by Mills at this time).

Dr. Commission Receivable 10800
Cr. Commission Revenue 10800

Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.

Dr. Cash 140
Cr. Commission Revenue 140

Oct. 27 Pays $700 on account for the office furniture purchased on October 3.

Dr. Accounts Payable 700
Cr. Cash 700

Oct. 30 Pays the administrative assistant $3,500 in salary for October.

Dr. Salary Expense 3500
Cr. Cash 3500

Thanks a bunch for the quick TA! How thoughtful of you :)

[helpacct]

Is commission Receivable and Commission Revenue under what categorie Service revenue?

[Mackster5874]

Hires an administrative assistant at an annual salary of $42,000. What entry in accounting in this ? Need help ?

[pready]

No journal entry required when hiring someone.