Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help due very soon acc114 I ) The following transactioas occurred for Mai LCS real estate business: I. The owner. Mai Li. invests in

please help due very soon acc114
image text in transcribed

I ) The following transactioas occurred for Mai LCS real estate business: I. The owner. Mai Li. invests in cash in gartmg a real estate office opcrattng as a sole proprietorship. Purchased SSOO 01' Nuppltes on credit. 3. Purchased equtpment for S 10.000. paying S4.OOO in cash and Signed 30-day. note payable. a. Real estate commissions billed to clients amount to $4.000. S. Paid SKOO in cash for thc current month s rent 6. Patd S200 cash on account for supplies pure tused in transaction 2. 7. Rcovcd a bill SOOO for advertising for the current month. Patd S2,SOO cash for office salaries and wages s. Li wtthdrew Sl from the bustness for living exrxnses. 10, Received a cheek for from a client in vxyment on account for commtsstons billed tn transaction 4, Required: Write the journal entry for each transaction. You may omit explanations. but skip a line between entries.

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

Food And Beverage Cost Control

Authors: Lea R. Dopson, David K. Hayes, Jack E. Miller

4th Edition

0471694177, 978-0471694175

More Books

Students also viewed these Accounting questions

Question

=+2. Explain the interactions in the newspaper and magazine market!

Answered: 1 week ago