Question
Record the following activities in the books of H. Bruin Real Estate Services. (a) Select blank ledger sheets from your supplies and open the following
Record the following activities in the books of H. Bruin Real Estate Services. (a) Select blank ledger sheets from your supplies and open the following accounts using the account numbers indicated. All ledger accounts will be marked Sheet 1, except Bank, which will require two ledger sheets, marked Sheet 1 and Sheet 2, respectively. Bank, 101; Office Furniture & Equipment, 102; A/R Michael Benson, 110; A/P Khan's Computer Co., 201; Capital, Henri Bruin, 301; Commission Revenue, 401; Rent Expense, 501; Office Supplies Expense, 503; Telephone Expense, 505. (b) Record the following transactions in the General Journal. 20Mar. 1 Henri Bruin invested $18,000 cash in his real estate business. 1 Paid rent for the month of March, $1,350. Issued Cheque #1 to Masc Properties. 2 Bought office furniture from City Furniture Co. Issued Cheque #2 for $2,575. 3 Bought a computer on account from Khan's Computer Co., $995. Payment due in 30 days. Purchase Invoice #322. 8 Provided real estate services to Tom Dunphy and received a commission cheque from him for $2,250. Sales Contract #0001 (Commission Revenue). 10 Bought office supplies from Wilson's Stationery Co., $33. Issued Cheque #3. 15 Sold a farm property for Michael Benson, earning commission of $3,000, to be paid in 15 days. Sales Contract #0002. 18 Sold a city lot for Marcel Parent on Sales Contract #0003. Received commission cheque from him for $1,125. 30 Received cheque from Michael Benson for $2,000 on account. This is a partial payment of the amount owing. 30 Paid Khan's Computer Co. for the balance owing. Issued Cheque #4. 31 Paid telephone bill, $83.90. Issued Cheque #5. (c) Post the journal entries to the ledger accounts as explained and illustrated in this chapter. Be sure to enter appropriate posting references. (d) provide trial balance like the one in Figure 3.3, including a suitable three-line heading. PRACTICE EXERCISE 3
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