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.
| Account: Cash N. 101 | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| Account: Accounts Receivables N. 102 | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| Revenue/Sales N. 301 | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| Furniture N. 105 | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| Salaries Expense N. 401 | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| An account of your choice N. #### | |||||
| Date | Description | Page N | Debit | Credit | Balance |
Note: “Page N” is the page number in the “General Journal” example; G1 = page number 1
General Journal
| An account of your choice N. #### | |||||
| Date | Description | Page N | Debit | Credit | Balance |
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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