Enter the following sales transaction into the Ledger/Journal.

You have negotiated the sale of Mr and Mr Emerald's home at 8 Knowle Court, Ocean Grove for $1,000 000. The purchasers, Mr and Mrs Teal are signing the contract and have negotiated 10% deposit. With 0.25% payable upon signing the contract, 4.75% payable after the cooling off period and 5% payable upon settlement.

01/04/2022: Paid the 0.25% initial deposit

08/04/2022: The cooling-off period expires today, under negotiation, only remaining balance of 5% is to be paid today.

04/05/2022: Settlement Day, Remainder of balance is payable today - 5%.

06/05/2022: Sale has been completed, you are able to draw on your $22,000 commission and the remaining balance to be paid to the vendors account: BSB 777 888 Account 333 444 55

There have been no other receipts between these transactions, prepare the ledger below to show these transactions.

 

Transcribed Image Text:

Mr and Mr Emerald Sale to Mr and Mrs Teal Property: 8 Knowle Court, Ocean Grove Date 01/04/2022 06/05/2022 From Teal n/a n/a To n/a n/a n/a Entry Realty Transaction Description deposit Balance 5% Balance deposit % initial % Receipt Number n/a n/a PWY m e Amount t R ef 210 n a n a 9 8( ∞∞77 8 7 19 888 c 8 ($ 7 Sales Ledger: 987 8 Balance $2,500.00 $50,000.00 I Mr and Mr Emerald Sale to Mr and Mrs Teal Property: 8 Knowle Court, Ocean Grove Date 01/04/2022 06/05/2022 From Teal n/a n/a To n/a n/a n/a Entry Realty Transaction Description deposit Balance 5% Balance deposit % initial % Receipt Number n/a n/a PWY m e Amount t R ef 210 n a n a 9 8( ∞∞77 8 7 19 888 c 8 ($ 7 Sales Ledger: 987 8 Balance $2,500.00 $50,000.00 I

Answer rating: 100% (QA)

Date Account Debit Credit 01042022 Bank 2500 025 deposit Deposit received 2500 08042022 Bank 47500 ... View the full answer