Rainbow Real Estate is a business owned by Cathy Geraci. The accounts of the business are...

 

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Rainbow Real Estate is a business owned by Cathy Geraci. The accounts of the business are as follows: Assets Bank Accounts Receivable D. Murray A. Niemi Office Supplies Furniture and Equipment Properties Owned Automobile $ 1.056 1 351 2516 1-115 11 916 18 042 27 965 Liabilities Bank Loan Accounts Payable Tuck Corporation Equity Cathy Geraci, Capital For the transactions listed below, record the accounting entries on a T-Accounts page. Use a transaction analysis sheet if needed (optional) and record the balances in the appropriate accounts. Please complete a trial balance and a balance sheet once the T-Accounts page is complete. Transactions: 1. Received $516 cash from A. Niemi 2. Sold a home for V. Morris. Morris owes $4150 for this service. 3. Paid $95 for office supplies. 4. Received $20000 cash for the sale of a property. (The property is included in the Properties owned figure at $5000) 5. Paid $15000 cash to the bank to reduce the amount of the bank loan. 6. Paid $520 cash to Tuck Corporation. $ 19 000 I 520 7. Paid $40 cash for a new headlight for the automobile. 8. Received $800 cash from D. Murray 9. The owner withdrew $500 cash for her personal use. 10. Received $2000 cash from V. Morris 11. Paid the balance of the debt to Tuck Corporation in cash. 12. Purchased a new office desk at a cost of $600 from Pioneer Furniture but will pay for it later. 13. Sold a home for A. McIntosh who paid $5100 for this service. Rainbow Real Estate is a business owned by Cathy Geraci. The accounts of the business are as follows: Assets Bank Accounts Receivable D. Murray A. Niemi Office Supplies Furniture and Equipment Properties Owned Automobile $ 1.056 1 351 2516 1-115 11 916 18 042 27 965 Liabilities Bank Loan Accounts Payable Tuck Corporation Equity Cathy Geraci, Capital For the transactions listed below, record the accounting entries on a T-Accounts page. Use a transaction analysis sheet if needed (optional) and record the balances in the appropriate accounts. Please complete a trial balance and a balance sheet once the T-Accounts page is complete. Transactions: 1. Received $516 cash from A. Niemi 2. Sold a home for V. Morris. Morris owes $4150 for this service. 3. Paid $95 for office supplies. 4. Received $20000 cash for the sale of a property. (The property is included in the Properties owned figure at $5000) 5. Paid $15000 cash to the bank to reduce the amount of the bank loan. 6. Paid $520 cash to Tuck Corporation. $ 19 000 I 520 7. Paid $40 cash for a new headlight for the automobile. 8. Received $800 cash from D. Murray 9. The owner withdrew $500 cash for her personal use. 10. Received $2000 cash from V. Morris 11. Paid the balance of the debt to Tuck Corporation in cash. 12. Purchased a new office desk at a cost of $600 from Pioneer Furniture but will pay for it later. 13. Sold a home for A. McIntosh who paid $5100 for this service.

Answer rating: 100% (QA)

A Bank 12317 Ar V Morris 551 AR A Niemi 2000 Office Supplies 1020 Furniture Equipment 12516 Properti... View the full answer