You were given an escrow statement. Your employer just gave you this assignment. You are still on probation and want to do a good job. They want you to prepare a single, proper journal entry from the attached escrow statement on a piece of property that they purchased. Deposits had been made previously by the client and have already been recorded as an asset. Your employer told you that the Personal Property referred to on the Escrow statement is furniture. The client only wants one journal entry for the purchase. No one else can assist you in the office. Show all work. Use Excel and proper journal entry format.

A SETTLEMENT STATEMENT ESTIMATED U.S. Dept. of Housing and Urban Development OMB No 26020265 B.Type of Loan 7. File Number: 8. Loan Number 9. Mortgage Insurance Case Number: 1[] FHA 2 [] Comm. Union AB 25612 95-89934000 4[]VA5[] Conv. Inc. 6 [ ] AFD C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(P.O.C.)" were paid outside the closing, they are shown here for informational purpose only. D. Name and Address of Borrower: E. Name and Address of Seller: F.Name and Address of Lender: Tasha Striknine Jack Mansky Bank of America 1977 Almonto Dr. 1977 Bellmonty Dr. 1977 Bellmonty Dr. Bellwood, CA 94770 Nacio, CA 94222 Nacio, CA 94222 G. Property Location: H. Settlement Agent Name, Address of Second Lender: 8809 W. Shazza Dr. Ras Mussen Chase Manhattan Bank Sumpter, CA 92111 Settlement date: 6/16/13 Nacio, CA 94222 J Summary of Borrower's Transaction K Summary of Seller's Transactions 100. Gross Amount Due From Borrower 400. Gross Amount Due to Seller 101. Contract Purchase Price 2,500,000.00 401. Contract Sales Price 2,500,000.00 102. Personal Property 6,083.76402. Personal Property 6,083.76 103. Settlement charges to borrower (line 1400) 319.50 |403. Total Deposits 104. Supplemental Summary 404 105. 405 Adjustments for items paid by seler in advance Adjustments for Rems paid by seller in advance 106. City/town taxes 406. City/town taxes 107 County taxes 4/15/13 to 6/15/13 @ $5,500 /semi 1,833.33 |407. County taxes 4/15/13 to 6/15/13 @ $5,500 /semi 1,833.33 108. Assessments 408. Assessments 109. Association Dues 4/15/13 to 6/15/13 @ $650/mo. 1,300.00 409. Association Dues 4/15/13 to 6/15/13 @ $ 650/mo. 1,300.00 110. 410. 111. 411. 112. 412 113. 413. 114. [414. 115. 415. 120. Gross Amount Due From Borrower 2,509,536.59 420. Gross Amount Due To Seler 2,509,217.09 200. Amounts Paid By Or In Behalf of Borrower 500. Reductions in Amount Due to Seller 201. Deposit or earnest money 85,000.00 | 1501. Excess deposit (see instructions) 202. Principal amount of new loan(s) - Bank of America B20 5 2 Settlement chame line 1400) 42,429.75 203. Existing loan(s) taken subject 503. Existing loan(s) taken subject 204. Credit from seller to buyer 1 month rentback 4,500.00 504.JPayoff of first mortgage loan - Wells Fargo Home Mortgage 394,496.67 205. New Loan to File from Chase Manhattan Bank USA NA CIO 190,000.00 505. Payoff of second mortgage loan 506. Credit from seller to buyer 1 month rentback 4,500.00 508. 1st Installment Taxes to San Mateo County Tax L 5,500.00 208. 507. 209. 509. Adjustments for items unpaid by seler Adjustments for items unpaid by seller 210. City/town taxes 510.City/town taxes 211. County taxes 511. County taxes 212. Assessments 512. Assessments 213. 214. 514. 515. 207 513. 518 519. 446,926.42 218. 219. 220 Total Paid ByFor Borrower 300. Cash At Settlement From To Borrower 301. Gross amount due from Borrower (line 120) 302. Less amounts paid by/for Borrower (line 220) 303. Cash (From) To Borrower 1,099,500.00 520. Total Reduction Amount Due to Seller 600. Cash At Settlement To/From Seller 2,509,536.59 | 601. Gross amount due to Seler (line 420) 1,099,500.00 602. Less reductions in amounts due to Seler (line 520) (1,410,036.59) 603. Cash To (From) Seller 2,509,217.09 446,926.42 2,062,290.67 Borrower: Tocha Striknine Seller. Jack Mansku A SETTLEMENT STATEMENT ESTIMATED U.S. Dept. of Housing and Urban Development OMB No 26020265 B.Type of Loan 7. File Number: 8. Loan Number 9. Mortgage Insurance Case Number: 1[] FHA 2 [] Comm. Union AB 25612 95-89934000 4[]VA5[] Conv. Inc. 6 [ ] AFD C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(P.O.C.)" were paid outside the closing, they are shown here for informational purpose only. D. Name and Address of Borrower: E. Name and Address of Seller: F.Name and Address of Lender: Tasha Striknine Jack Mansky Bank of America 1977 Almonto Dr. 1977 Bellmonty Dr. 1977 Bellmonty Dr. Bellwood, CA 94770 Nacio, CA 94222 Nacio, CA 94222 G. Property Location: H. Settlement Agent Name, Address of Second Lender: 8809 W. Shazza Dr. Ras Mussen Chase Manhattan Bank Sumpter, CA 92111 Settlement date: 6/16/13 Nacio, CA 94222 J Summary of Borrower's Transaction K Summary of Seller's Transactions 100. Gross Amount Due From Borrower 400. Gross Amount Due to Seller 101. Contract Purchase Price 2,500,000.00 401. Contract Sales Price 2,500,000.00 102. Personal Property 6,083.76402. Personal Property 6,083.76 103. Settlement charges to borrower (line 1400) 319.50 |403. Total Deposits 104. Supplemental Summary 404 105. 405 Adjustments for items paid by seler in advance Adjustments for Rems paid by seller in advance 106. City/town taxes 406. City/town taxes 107 County taxes 4/15/13 to 6/15/13 @ $5,500 /semi 1,833.33 |407. County taxes 4/15/13 to 6/15/13 @ $5,500 /semi 1,833.33 108. Assessments 408. Assessments 109. Association Dues 4/15/13 to 6/15/13 @ $650/mo. 1,300.00 409. Association Dues 4/15/13 to 6/15/13 @ $ 650/mo. 1,300.00 110. 410. 111. 411. 112. 412 113. 413. 114. [414. 115. 415. 120. Gross Amount Due From Borrower 2,509,536.59 420. Gross Amount Due To Seler 2,509,217.09 200. Amounts Paid By Or In Behalf of Borrower 500. Reductions in Amount Due to Seller 201. Deposit or earnest money 85,000.00 | 1501. Excess deposit (see instructions) 202. Principal amount of new loan(s) - Bank of America B20 5 2 Settlement chame line 1400) 42,429.75 203. Existing loan(s) taken subject 503. Existing loan(s) taken subject 204. Credit from seller to buyer 1 month rentback 4,500.00 504.JPayoff of first mortgage loan - Wells Fargo Home Mortgage 394,496.67 205. New Loan to File from Chase Manhattan Bank USA NA CIO 190,000.00 505. Payoff of second mortgage loan 506. Credit from seller to buyer 1 month rentback 4,500.00 508. 1st Installment Taxes to San Mateo County Tax L 5,500.00 208. 507. 209. 509. Adjustments for items unpaid by seler Adjustments for items unpaid by seller 210. City/town taxes 510.City/town taxes 211. County taxes 511. County taxes 212. Assessments 512. Assessments 213. 214. 514. 515. 207 513. 518 519. 446,926.42 218. 219. 220 Total Paid ByFor Borrower 300. Cash At Settlement From To Borrower 301. Gross amount due from Borrower (line 120) 302. Less amounts paid by/for Borrower (line 220) 303. Cash (From) To Borrower 1,099,500.00 520. Total Reduction Amount Due to Seller 600. Cash At Settlement To/From Seller 2,509,536.59 | 601. Gross amount due to Seler (line 420) 1,099,500.00 602. Less reductions in amounts due to Seler (line 520) (1,410,036.59) 603. Cash To (From) Seller 2,509,217.09 446,926.42 2,062,290.67 Borrower: Tocha Striknine Seller. Jack Mansku