Journalize the transactions.Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock. 2 Hires an administrative assistant. 3 Purchases office furniture for $2,300, on the account. 6 Sells a house and lot for N. Fennig; bills N. Fennig $3,600 for realty services performed. 27 Pays $850 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2,500 in salary for October.


Answer:

Oct. 1, investment of $20,000 in real estate business

Dr Cash 20,000

    Cr Common Stock 20,000

Oct. 3, office furniture purchased on account

Dr Office furniture 2,300

    Cr Accounts payable - office furniture 2,300

Oct. 6, fees charged for real estate services

Dr Accounts receivable 3,600

    Cr Fees earned 3,600

Oct 27, partial payment of accounts payable

Dr Accounts payable 850

    Cr Cash 850

Oct. 30, salary paid to administrative assistant

Dr Wages and salaries expense $2,500

    Cr Cash 2,500


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