To answer this question, please refer to the below information from Performance Question 1 Funds Received Date
Question:
To answer this question, please refer to the below information from Performance Question 1
Funds Received
Date | Property | Detail | Name | Amount |
2/4/2023 | 2 Enchanted Street Fantasty Glen Qld 4000 | Marketing funds received via direct deposit | Patty & Selma Bouvier | $1500 |
6/4/2023 | 9 Magical Mews Fantasty Glen Qld 4000 (Lessor H & M Sampson) | Rent received via eft 9/4/23 to 15/4/23 | Michael & Amanda Poppins | $480 |
6/4/2023 | 2 Enchanted Street Fantasty Glen Qld 4000 (Seller P & S Bouvier) | Bank cheque (CBA #1234) received for deposit on Property | Vernon Twin | $5000 |
Payments Made
Date | Property | Detail | Name | Amount |
4/4/2023 | 04 Hayden St Fantasty Glen Qld 4000 (Lessor V.Twin) | Return of overpaid rent | Aurellia Augusta | $250 |
9/4/2023 | 9 Magical Mews Fantasty Glen Qld 4000 (Lessor H & M Sampson) | Retic repairs | Ryan's Reticulation | $125 |
27/4/2023 | 2 Enchanted Street Fantasty Glen Qld 4000 (Seller P & S Bouvier) | Settlement - transfer of deposit | Phantom Realty General Account | $5000 |
Refer to Phantom Realty's trust account policy and enter the payments and receipts for April into the Phantom Realty trust accounting system:
Use the appropriate journals (cash receipts and cash payments linked below)
- Folio for P & S Bouvier is 2.7
- Folio for 9 Magical Mews is 2.8
- Folio for V Twin 2 Enchanted Street is 2.9
- Folio for 4 Hayden Street is 2.1
- Folio for Phantom Realty is 3.1
A cash receipts journal can be downloaded here
A cash payments journal can be downloaded here
Here's the feedback:
RW
Rachael Wilschefski
4 Mar, 2024 7:09 PM
Cash Receipts Journal
Row 3 - Folio = 2.9.
Cash Payments Journal
All Folios are incorrect.
What I need is for someone to identify what I need to do with each line here, I've attached both attachments below:
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill