QuestionCase 1: Real Estate Agency Oct.1Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000. 2Paid rent, P35,000, on office space. 3Purchased office equipment for P140,000 on account. 6Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed. 27Paid P55,000 on the balance related to the transaction of October 3. 30Received bill for October utilities, P6,500 (not paid at this time). Requirement: Journalize the transactions. Explanations can be omitted.

Name: QuestionCase 1: Real Estate Agency Oct.1Ms. Lea begins business as a r
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Description: QuestionCase 1: Real Estate Agency Oct.1Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000. 2Paid rent, P35,000, on office space. 3Purchased office equipment for P140,000 on account. 6Sold a house and lot for Mr. Smit

DATE PARTICULARS L.F. DEBIT CREDIT 1 Cash account Dr. To owner's capital {being business as…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Case 1: Real Estate Agency

Oct.	1	Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000.
	2	Paid rent, P35,000, on office space.
	3	Purchased office equipment for P140,000 on account.
	6	Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed.
	27	Paid P55,000 on the balance related to the transaction of October 3.
	30	Received bill for October utilities, P6,500 (not paid at this time).

Requirement: Journalize the transactions. Explanations can be omitted.

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