This information relates to Sheffield Real Estate Agency. Oct. 1 Stockholders invest $33,860 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $31,320.
3 Buys office furniture for $3,850, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,620 (not paid by Roads at this time).
10 Receives cash of $220 as commission for acting as rental agent renting an apartment.
27 Pays $790 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,610 in salary for October.

Required:
Prepare the debit-credit analysis for each transaction.

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

DEBIT            CREDIT              DEBIT            CREDIT

+ + +              - - -                      - - -               + + +

The left side increase from debit and decrease from credit

while the element of the right side increase through credit and decrease by debit

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