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Journalize the following business transactions in general journal form. Identify each transaction by number. Stockholders invest $25,000 in cash in starting a real estate office

  1. Journalize the following business transactions in general journal form. Identify each transaction by number.

  1. Stockholders invest $25,000 in cash in starting a real estate office operating as a corporation.

  2. Purchased $500 of supplies on credit

  3. Purchased Equipment for $15,000, paying $3,500 in cash and signed a 30 day, $11,500 note payable.

  4. Real estate commissions billed to clients amount to $4,000

  5. Paid $700 in cash for the currents month rent

  6. Paid $250 cash on account for office supplies purchased in transaction 2

  7. Received a bill for $800 for advertising for the current month

  8. Paid $2,500 cash for office salaries

  9. Paid $1,200 cash dividends to stockholders

  10. Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4

B) The following information is available for Best Buy Inc. for the Year ended 3/2/2012

Administrative Expenses

2,242

Cost Of Goods Sold

38,113

Gain On Sale of Investments

55

Gross Sales

50,523

Income Taxes

709

Interest Expense

134

Sales Returns

18

Selling Expenses

8242

Instructions: Using the above Information, calculate the following. Make sure to show all calculations.

  1. Net Sales

  2. Gross Profit

  3. Income From Operations

  4. Income Before Taxes

  5. Net Income

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