Question
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
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Journalize the following business transactions in general journal form. Identify each transaction by number.
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Stockholders invest $25,000 in cash in starting a real estate office operating as a corporation.
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Purchased $500 of supplies on credit
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Purchased Equipment for $15,000, paying $3,500 in cash and signed a 30 day, $11,500 note payable.
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Real estate commissions billed to clients amount to $4,000
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Paid $700 in cash for the currents month rent
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Paid $250 cash on account for office supplies purchased in transaction 2
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Received a bill for $800 for advertising for the current month
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Paid $2,500 cash for office salaries
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Paid $1,200 cash dividends to stockholders
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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.
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Net Sales
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Gross Profit
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Income From Operations
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Income Before Taxes
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Net Income
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