This comprehensive review problem requires you to complete the accounting cycle for Sullivan Realty twice. This...

  

 

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This comprehensive review problem requires you to complete the accounting cycle for Sullivan Realty twice. This will allow you to review Chapters 1 to 5 while reinforcing the relationships among all parts of the accounting cycle. By completing two cycles, you will see how the ending June balances in the ledger are used to accumulate data in July. (The blank forms you need are on pages 5-58 to 5-74 of the Study Guide with Working Papers.) On June 1, John Sullivan opened a real estate office in Hamilton called Sullivan Realty. The following transactions were completed for the month of June. Note that facsimile documents have been provided to illustrate these events: 2016 3a & b, p. 234 24a & b, pp. 234 & 235 #3, p. 235 =6a & b, pp. 235 & 236 June 4 Bought a company automobile. Cheque No. 602, $14,000.00 4 Purchased office supplies. Wrote cheque No. 603, $300. 5 Purchased additional office supplies on account, $150. 6 Sold a house and collected a $6,000 commission. 7 Paid gas bill for car, $22. Cheque No. 604. 14 Paid the salary of the part-time office secretary, $350. Cheque No. 605. 18 Sold a building lot and earned a commission, $6,500. Payment is to be received on July 9. 21 John Sullivan withdrew $1,000 from the business to pay personal expenses. Cheque No. 606. 21 Sold a house and collected a $3,500 commission. 24 Paid gas bill for car. $25. Cheque No. 607. 25 Paid $600 to repair automobile. Cheque No. 608. 28 Paid the salary of the part-time office secretary, $350. Cheque No. 609. 28 Paid the June telephone bill, $510. Cheque No. 610. 28 Received advertising bill for June, $1,200. The bill is to be paid by July 5. =7, p. 236 =8, p. 236 #9, p. 236 219, р. 237 =1la & b, p. 237 #12, p. 238 13a & b, p. 238 214, р. 238 #15a & b, p. 239 #15, р. 240 This comprehensive review problem requires you to complete the accounting cycle for Sullivan Realty twice. This will allow you to review Chapters 1 to 5 while reinforcing the relationships among all parts of the accounting cycle. By completing two cycles, you will see how the ending June balances in the ledger are used to accumulate data in July. (The blank forms you need are on pages 5-58 to 5-74 of the Study Guide with Working Papers.) On June 1, John Sullivan opened a real estate office in Hamilton called Sullivan Realty. The following transactions were completed for the month of June. Note that facsimile documents have been provided to illustrate these events: 2016 3a & b, p. 234 24a & b, pp. 234 & 235 #3, p. 235 =6a & b, pp. 235 & 236 June 4 Bought a company automobile. Cheque No. 602, $14,000.00 4 Purchased office supplies. Wrote cheque No. 603, $300. 5 Purchased additional office supplies on account, $150. 6 Sold a house and collected a $6,000 commission. 7 Paid gas bill for car, $22. Cheque No. 604. 14 Paid the salary of the part-time office secretary, $350. Cheque No. 605. 18 Sold a building lot and earned a commission, $6,500. Payment is to be received on July 9. 21 John Sullivan withdrew $1,000 from the business to pay personal expenses. Cheque No. 606. 21 Sold a house and collected a $3,500 commission. 24 Paid gas bill for car. $25. Cheque No. 607. 25 Paid $600 to repair automobile. Cheque No. 608. 28 Paid the salary of the part-time office secretary, $350. Cheque No. 609. 28 Paid the June telephone bill, $510. Cheque No. 610. 28 Received advertising bill for June, $1,200. The bill is to be paid by July 5. =7, p. 236 =8, p. 236 #9, p. 236 219, р. 237 =1la & b, p. 237 #12, p. 238 13a & b, p. 238 214, р. 238 #15a & b, p. 239 #15, р. 240

Answer rating: 100% (QA)

SOLUTION SULLIVAN REALITY GENERAL JOURNAL DATE PARTICULARS AMOUNT DR AMOUNT CR JUNE1 CASHDR 9000 OFF... View the full answer