Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information related to Tamimi AND SERAJ Agency. Oct. 1 salah begins business as a real estate agent with a cash investment of

image text in transcribed

image text in transcribed

Presented below is information related to Tamimi AND SERAJ Agency. Oct. 1 salah begins business as a real estate agent with a cash investment of $25,000. 2 Hires an administrative assistant. 3 Purchases office building for $2,900, by paying $700 cash with the balance on account. from SERAJ. 6 Sells a house for SERAJ, earning a fee of $3,600, with $600 collected in cash and the balance billed to SERAJ. 27 Pays $900 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2,300 in salary for October. 31 Collects $1,200 of the halance niwed hy SFRA. I 30 Pays the a assistant $2,300 in salary for October. 31 Collects $1,200 of the balance owed by SERAJ Instructions: 1. Journalize the transactions. occures in OCT 3,6 on Tamimi books ? 2. Journalize the transactions. occures in OCT, 27,31 on SERAJ book 3. What balance would Tamimi agency report for Accounts Receivable on October 31 ? In which category of which financial statements would it be found?3

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

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

What is Aufbau's rule explain with example?

Answered: 1 week ago

Question

Write Hund's rule?

Answered: 1 week ago