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Dodge City Realty Acts As An Agent in Buying Selling

Dodge City Realty acts as an agent helping clients buy, sell, rent, and manage real estate. The document provides Dodge City Realty's unadjusted trial balance for July 31, 2010 and details of transactions completed in August 2010, including payments, receipts, purchases, and revenue. Instructions are given to record the transactions through journal entries, post to T-accounts, and prepare an adjusted trial balance for August 31, 2010.

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trilocksp Singh
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439 views1 page

Dodge City Realty Acts As An Agent in Buying Selling

Dodge City Realty acts as an agent helping clients buy, sell, rent, and manage real estate. The document provides Dodge City Realty's unadjusted trial balance for July 31, 2010 and details of transactions completed in August 2010, including payments, receipts, purchases, and revenue. Instructions are given to record the transactions through journal entries, post to T-accounts, and prepare an adjusted trial balance for August 31, 2010.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Solved: Dodge City Realty acts as an agent in buying

selling
Dodge City Realty acts as an agent in buying selling

Dodge City Realty acts as an agent in buying, selling, renting, and managing real estate. The
unadjusted trial balance on July 31, 2010, is shown below.

The following business transactions were completed by Dodge City Realty during August 2010:
Aug. 1 Purchased office supplies on account, $2,100.
2 Paid rent on office for month, $4,000.
3 Received cash from clients on account, $44,600.
5 Paid annual insurance premiums, $5,700.
9 Returned a portion of the office supplies purchased on August 1, receiving full credit for their
cost, $400.
17 Paid advertising expense, $5,500.
23 Paid creditors on account, $4,950.
29 Paid miscellaneous expenses, $500.
30 Paid automobile expense (including rental charges for an automobile), $1,500.
31 Discovered an error in computing a commission; received cash from the salesperson for the
overpayment, $1,000.
31 Paid salaries and commissions for the month, $27,800.
31 Recorded revenue earned and billed to clients during the month, $83,000.
31 Purchased land for a future building site for $75,000, paying $10,000 in cash and giving a
note payable for the remainder.
31 Paid dividends, $5,000.
31 Rented land purchased on August 31 to a local university for use as a parking lot during
football season (September, October, and November); received advance payment of $3,600.
Instructions
1. Record the August 1, 2010 balance of each account in the appropriate balance column of a T
account, and write Balance to identify the opening amounts.
2. Journalize the transactions for August in a two-column journal.
3. Post the journal entries to the T accounts, placing the date to the left of each amount to
identify the transaction. Determine the balances for all accounts with more than one posting.
4. Prepare a trial balance of the ledger as of August 31,2010.

Dodge City Realty acts as an agent in buying selling

ANSWER
https://solvedquest.com/dodge-city-realty-acts-as-an-agent-in-buying-selling/

Reach out to [email protected] for enquiry.


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