Determine how much stockholders’ equity increased for the
month.
Compute the net income for the month.
Question 4
This information relates to Crofoot Real Estate Agency.
Oct. 1
Stockholders invest $30,950 in exchange for common
stock of the corporation.
2
Hires an administrative assistant at an annual salary of
$32,640.
3
Buys office furniture for $3,950, on account.
6
Sells a house and lot for M.E. Graves; commissions due
from Graves, $11,660 (not paid by Graves at this time).
10
Receives cash of $180 as commission for acting as rental
agent renting an apartment.
27
Pays $610 on account for the office furniture purchased
on October 3.
30
Pays the administrative assistant $2,720 in salary for
October.
Journalize the transactions. (If no entry is required, select "No
entry" for the account titles and enter 0 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.)
Question 5