Question

This information relates to Flounder Real Estate Agency.

Answer 1

Answer and Explanation:

Oct 1:

Debit cash $29600

Credit common stock $29600

Oct 2:

Debit no effect

Credit no effect

Oct 3:

Debit office furniture $3660

Credit accounts payable $3660

Oct 6:

Debit accounts receivable $10050

Credit revenue account $10050

Oct 10:

Debit cash $180

Credit revenue $180

Oct 27:

debit accounts payable $600

Credit cash $600

Oct 30:

Debit salary expense $2550

Credit cash $2550

Note :credit and debit can both increase and decrease an account's value depending on if the account is an asset or liability account or an income or expense account