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  • Whitney Tomas Established A Real Estate Agency On March 1

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    M Bilal Saleem
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    Whitney Tomas established a real estate agency on March 1, 2007. During the month, the agency opened a business bank account with a $25,000 deposit, borrowed $15,000 through a note payable, and received $11,500 in commissions. Expenses for the month included $2,200 for rent, $1,050 for automobile costs, $500 for miscellaneous costs, $1,400 for salaries, and $100 for interest on the note payable. The agency also purchased land for $22,600 and paid $1,500 in dividends.

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    Whitney Tomas Established a Real Estate Agency on March 1

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    Whitney Tomas established a real estate agency on March 1, 2007. During the month, the agency opened a business bank account with a $25,000 deposit, borrowed $15,000 through a note payable, and received $11,500 in commissions. Expenses for the month included $2,200 for rent, $1,050 for automobile costs, $500 for miscellaneous costs, $1,400 for salaries, and $100 for interest on the note payable. The agency also purchased land for $22,600 and paid $1,500 in dividends.

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    © All Rights Reserved
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    12 views1 page

    Whitney Tomas Established A Real Estate Agency On March 1

    Uploaded by

    M Bilal Saleem
    Whitney Tomas established a real estate agency on March 1, 2007. During the month, the agency opened a business bank account with a $25,000 deposit, borrowed $15,000 through a note payable, and received $11,500 in commissions. Expenses for the month included $2,200 for rent, $1,050 for automobile costs, $500 for miscellaneous costs, $1,400 for salaries, and $100 for interest on the note payable. The agency also purchased land for $22,600 and paid $1,500 in dividends.

    Copyright:

    © All Rights Reserved
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    Whitney Tomas established a real estate agency on March

    1
    Whitney Tomas established a real estate agency on March 1, 2007, and completed the
    following transactions during March:a. Opened a business bank account in the name of Tomas
    Realty, Inc., with a deposit of $25,000 in exchange for capital stock.b. Borrowed $15,000 by
    issuing a note payable.c. Received cash from commissions earned, $11,500.d. Paid rent on
    office and equipment for the month, $2,200.e. Paid automobile expense for month, $1,050, and
    miscellaneous expense, $500.f. Paid office salaries, $1,400.g. Paid interest on the note
    payable, $100.h. Purchased land as a future building site, $22,600.i. Paid dividends,
    $1,500.Instructions1. Indicate the effect of each transaction and the balances after each
    transaction, using the integrated financial statement framework.2. Briefly explain why the
    stockholders’ investments and revenues increased stockholders’ equity, while dividends and
    expenses decreased stockholders’ equity.3. Prepare an income statement and retained
    earnings statement for March.4. Prepare a balance sheet as of March 31, 2007.5. Prepare a
    statement of cash flows for March.View Solution:
    Whitney Tomas established a real estate agency on March 1
    SOLUTION-- http://expertanswer.online/downloads/whitney-tomas-established-a-real-estate-
    agency-on-march-1/

    See Answer here expertanswer.online


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