Selected transactions for Poland Real Estate Agency during its first month of business follow: Oct. 1 Samantha Poland
Selected transactions for Poland Real Estate Agency during its first month of business follow:
Oct. 1 Samantha Poland opened Poland Real Estate Agency with an investment of $14,000 cash and $3,000 of equipment.
2 Paid $1,200 for a one-year insurance policy.
3 Purchased additional equipment for $4,450, paying $850 cash and signing a note payable for the balance.
10 Received $350 cash as a fee for renting an apartment.
16 Sold a house and lot to B. Rollins. Th e commission due from Rollins is $7,500 (it is not paid by Rollins at this time).
27 Paid $700 for advertising costs during October.
29 Received a $95 bill for telephone service during the month of October (the bill is paid in November).
30 Paid an administrative assistant $2,000 in salary for October.
31 Received $7,500 cash from B. Rollins for the October 16 transaction.
Journalize the transactions.