1st of this month: You have negotiated the sale of Mr & Mrs Emerald's home at...
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1st of this month: You have negotiated the sale of Mr & Mrs Emerald's home at 1 Diamond Avenue, Jewel Town for $1Million. The purchasers, Mr & Mrs Rock, are signing the contract and paying the 0.25% initial deposit. (Receipt 000360) 8th of the month: The cooling-off expires today, under negotiation, only 5% is to be paid. 4th of next month (settlement date): The balance of 10% is payable prior to settlement. 6th of the month: The Orders on the Agent have been received and we can account for our $22,000 commission with the balance payable to the vendors' account # 123123 BSB 032717. You have not had any other receipts between these. Prepare the ledger showing all the transactions 1st of this month: You have negotiated the sale of Mr & Mrs Emerald's home at 1 Diamond Avenue, Jewel Town for $1Million. The purchasers, Mr & Mrs Rock, are signing the contract and paying the 0.25% initial deposit. (Receipt 000360) 8th of the month: The cooling-off expires today, under negotiation, only 5% is to be paid. 4th of next month (settlement date): The balance of 10% is payable prior to settlement. 6th of the month: The Orders on the Agent have been received and we can account for our $22,000 commission with the balance payable to the vendors' account # 123123 BSB 032717. You have not had any other receipts between these. Prepare the ledger showing all the transactions
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Answer rating: 100% (QA)
Solution Here is the journal entry for the transaction January 1st Debit Sales Commission R... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Posted Date:
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