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ANTONII [103]
3 years ago
5

Stockholders invest $30,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual sa

lary of $36,000. 3 Buys office furniture for $3,800, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,800 (not paid by Roads at this time) 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
Black_prince [1.1K]3 years ago
8 0

Answer:

Explanation:

1)

Dr Cash $30,000  

Cr Common Stock  $30,000

2) No Entry  

3)

Dr Office Furniture $3,800  

Cr Accounts Payable  $3,800

6)

Dr Accounts receivables $10,800  

Cr Service Revenue (Commission) $10,800

10)

Dr Cash $140  

Cr Service Revenue (Commission)  $140

27)

Dr Accounts Payable $700  

Cr Cash  $700

30)

Dr Salary Expense $3,000  

Cr Cash  $3,000

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Kareem bought a rental house in March 2014 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building.
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Answer: See explanation

Explanation:

a. What is Kareem's realized gain or loss?

Amount realized from sale = $330,000

Less: adjusted basis for house and land = $269000

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Realized gain = $54700

b. What is the adjusted basis of the rental house and land at the time of the sale?

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Add: Original house basis = $25000

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Adjusted basis = $269100

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