Journalize The Transactions

Question 1 – This information relates to Sheffield Real Estate Agency

This information relates to Sheffield Real Estate Agency.
Oct. 1 Stockholders invest $33,860 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $31,320.
Oct. 3 Buys office furniture for $3,850, on account.
Oct. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,620 (not paid by Roads at this time).
Oct. 10 Receives cash of $220 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $790 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $2,610 in salary for October.

Journalize the transactions.

Solution

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Question 2 – Selected transactions for Bramble Mill during its first month of operations are as follows.

Selected transactions for Bramble Mill during its first month of operations are as follows.

March 2 Issued common stock for $11,400 cash.

March 4 Purchased used car for $1,400 cash and $9,300 on account, for use in the business.

March 10 Billed customers $2,700 for services performed.

March 13 Paid $285 cash to advertise business opening.

March 25 Received $1,150 cash from customers billed on March 10.

March 27 Paid amount owed for used car purchased on March 4.

March 30 Received $900 cash from a customer for services to be performed in April.

March 31 Declared and paid $350 of dividends to stockholders.

Journalize the transactions. (If no entry is required, select “No Entry” for the account titles and enter O 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. List all debit entries before credit entries.)

Solution

Date	Account Titles	Debit ($)	Credit ($)
March 2	Cash	11,400
	Common Stock		11,400

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Question 3 – Novak Computer had the following transactions during the month of May.

Novak Computer had the following transactions during the month of May.

Purchased equipment on account for $8,600.
Paid $1,800 for rent for the month of May.
Performed computer services for $3,950 on account.
Paid Buffalo Hydro $500 cash for utilities used in May.
Borrowed $20,000 from the bank.
Paid supplier for equipment purchased in transaction (1).
Purchased a one-year insurance policy for $450 cash.
Received $3,050 cash in partial payment of the account owed in transaction (3).
Declared and paid $590 of dividends to stockholders.
Paid incomes taxes of $310 for the month.

Journalize the above transactions. (If no entry is required, select “No Entry” for the account titles and enter O for the amounts. Credit account titles are automatically indented indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)