Question
You are the newly hired accountant at a real estate agency in Brandon, MB. The agency is a newly formed corporation and is seeking your
You are the newly hired accountant at a real estate agency in Brandon, MB. The agency is a newly formed corporation and is seeking your expertise. The following transactions happened in the month of October:
October 1: Three shareholders invest $30,000 cash each for 8,000 common shares each to start the business.
October 3: Signed a lease on a property on Victoria Avenue.
October 3: Paid $2,500 for the current months rent.
October 6: Purchased office supplies in the amount of $400 cash.
October 7: Purchased 3 laptops for the office in the amount of $1,000 each. The laptops were purchased by paying $1,500 in cash and signing a 30-day note payable on the balance.
October 8: Met with various clients that were interested in properties in, and around, Brandon.
October 10: Billed clients $4,200 for real estate commissions.
October 15: Received a bill for $1,000 for a bus stop bench sign advertising the business.
October 20: Paid $1,000 cash dividends to each shareholder.
October 24: Received $3,700 in cheques from clients paying commissions that had been previously billed.
Prepare all required journal entries for the month of October 2022. (Please date your entries)
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