record business transactions and prepare basic financial statements. Rakesh owns a real estate agency, he likes selling

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Record Business Transactions And Prepare Basic Financial Statements Rakesh Owns A Real Estate Agency He Likes Selling 1 (214.28 KiB) Viewed 55 times

record business transactions and prepare basic financial statements. Rakesh owns a real estate agency, he likes selling real estate to clients, but he does not like the accounting aspect of the business. Therefore, he hires an accountant to prepare the accounts on a daily basis. On March 5, 2021, Rakesh had a really busy day, he sold a house and did a lot of business-related transactions, so at the end of the day, he went to his accountant's office, sat down, drank some coffee, and starts talking about his revenues and expenses for the day. On March 5, 2021, Rakesh's business had the following transactions: 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. . Record these transactions in the general journal, do not forget to add an explanation (note) for each transa + General Journal Date Account Titles/Notes Reference Debit Credit Note: "Reference" is the "Ledger” number example; 100 = Ledger number 100