Answer:
cash 33,860 debit (+assests)
common stock 33,860 credit (+equity)
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no entry required
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furniture 3,850 debit (+assets)
account payable 3,850 credit (+liabilities)
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accounts receivables 10,620 debit (+assets)
commissions revenues 10,620 credit (+revenue / +equity)
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cash 220 debit (+assets)
commissions revenues 220 credit (+revenue / +equity)
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Accounts Payable 790 debit (- liaiblities)
cash 790 credit (- assets)
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Salaries expense 2,610 debit (+ expense / - equity)
cash 2,610 credit (-assets)
Explanation:
We do the journal entries following the accounting rules
debit = credit
and we usethe accoutnign equation analysis
Assets + Expenses = Liablities + Equity + Revenues
<u>DEBIT CREDIT</u> <u>DEBIT CREDIT</u>
+ + + - - - - - - + + +
The left side increase from debit and decrease from credit
while the element of the right side increase through credit and decrease by debit
