Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 2-5 The following leformation relates to Santil Real Estate Agency O. 1 Alan Sancill begins business a real estate agent with a heart of

image text in transcribed
image text in transcribed
image text in transcribed
Exercise 2-5 The following leformation relates to Santil Real Estate Agency O. 1 Alan Sancill begins business a real estate agent with a heart of $15.000 2 Hires an administrative assistant 3. Purchases office furniture for $1.900, on account 6 Sells a house and lot for Crale: il R. Craig $3.500 for real es performed 27 Pays 51.100 on the balance related to the transaction of October 30 Days the administrative stat $2,500 in salary for October Journalize the transactions (Credit account tities are automatically indented when amount is entered. Do not indent manually. Aecord journal entries in the order presented in the pro titles and enter for the amounts.) Data Account Titles and Explanation Dubit C Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Aug. 1 5000 Aug. 1 Aug. 10 2600 Aug. 1 Aug. 12 V Aug. 31 Accounts Receivable Equipment Notes Payable av Sturdy Owner's Capital Service Revene Cich you would like to show Work for this question Show Work the swim wie voor hen the two Exercise 2-9 (Part Level Submission) Selected transactions from the journal of June Feldman, investment broker, are presented below. Ref. Debit Credit 5,000 5,000 2,600 2,600 Date Account Titles and Explanation Aug.1 Cash Owner's Capital (Owner's investment of cash in business) 10 Cash Service Revenue (Received cash for services performed) 12 Equipment Cash Notes Payable (Purchased equipment for cash and notes payable) 25 Accounts Receivable Service Revenue (Billed dients for services performed) Cash Accounts Receivable (Receipt of cash on account) 5,000 2,300 2,700 1.700 31 1,700 tudy 900 900 Dost the transactions to accounts. (Post entries in the order presented in the problem statement Cash 9000 AU 1 2600 AUDI

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers

Authors: Karen Berman, Joe Knight

1st Edition

1422119157, 9781422119150

More Books

Students also viewed these Accounting questions

Question

Salary (if known)

Answered: 1 week ago