FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Date Debit Credit
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Transcribed Image Text:Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Date Debit Credit
Presented below is information related to Pickett Real Estate Agency. Oct. 1 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock. 2 Hires an administrative assistant. 3 Purchases office equipment for $3,500, by paying $500 cash with the balance on account. Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster. Pays $1,000 on the balance related to the transaction of October 3. Pays the administrative assistant $2,300 in salary for October. Collects $1,500 of the balance owed by N. Foster. 6 27 30 31
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Transcribed Image Text:Presented below is information related to Pickett Real Estate Agency. Oct. 1 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock. 2 Hires an administrative assistant. 3 Purchases office equipment for $3,500, by paying $500 cash with the balance on account. Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster. Pays $1,000 on the balance related to the transaction of October 3. Pays the administrative assistant $2,300 in salary for October. Collects $1,500 of the balance owed by N. Foster. 6 27 30 31
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