Lana McKay, handed you the below client’s case:

Rakesh owns and operates a real estate agency. He asks you to post the below transactions to the T-accounts: the transactions were recorded on March 5, 2021, on page 9 of the general journal.

• Sold a house worth $1.5 Million, Rakesh’s agency commission is 5% of the sale price;

the commission will be paid after ten business days.

• Bought office supplies for $400.
• Paid a $4,000 commission to his newly hired realtor for selling one of his client’s houses.
• Agreed to list a house that is worth $500,000, Rakesh is expected to generate a 7% commission from the house sale price.
• Bought lunch for $53.

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

General Journal

Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1

Deliverables for this Week’s Case Study

• Recording the transactions correctly in the General Journal
• Use accounting and financial principles to support the operations of an organization
• Work for clarity and organization

Note: assume any missing information. Clearly state your assumptions in your submissions.

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