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Presented below is information related to Sheffield Company.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $15,600 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,250, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $4,000 for realty services performed.
27 Pays $800 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,750 in salary for October.
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Answer:

1) Oct 1

Dr Cash $15,600

Cr Common stock $15,600

2. No entry

3. Oct 3

Dr Cost of real estate service $2,250

Cr Accounts payable $2,250

4. Oct 1

Dr Accounts receivable $4,000

Cr Reality service revenue $4,000

5. Oct 27

Dr Accounts payable $800

Cr Cash $800

6. Oct 30

Dr Cost of real estate service $2750

Cr Cash $2750

Explanation:

Preparation of the debit-credit analysis for each transaction.

1) Oct 1

Dr Cash $15,600

Cr Common stock $15,600

[Being to record Issued common stock to properties]

2. No entry

3. Oct 3

Dr Cost of real estate service $2,250

Cr Accounts payable $2,250

[Being to record Purchased on account office furniture]

4. Oct 1

Dr Accounts receivable $4,000

Cr Reality service revenue $4,000

[Being to record Sold reality estate and bill raised]

5. Oct 27

Dr Accounts payable $800

Cr Cash $800

[Being to record paid dues of Oct 3 in part]

6. Oct 30

Dr Cost of real estate service $2750

Cr Cash $2750

[Being to record Salary paid to administrative staff]

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