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Following Is The Chart of Accounts of Sanchez Realty Company

The document provides the chart of accounts and transactions for Sanchez Realty Company during its first month of business in April. It lists the company's asset, liability, equity, revenue and expense accounts. It then details the transactions that occurred during the month which included receiving payments for services, paying expenses, purchasing supplies and equipment, and withdrawing cash. The owner is required to journalize the transactions, post them to ledger accounts, and prepare financial statements for the month including an income statement, statement of owner's equity, and balance sheet.

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51 views1 page

Following Is The Chart of Accounts of Sanchez Realty Company

The document provides the chart of accounts and transactions for Sanchez Realty Company during its first month of business in April. It lists the company's asset, liability, equity, revenue and expense accounts. It then details the transactions that occurred during the month which included receiving payments for services, paying expenses, purchasing supplies and equipment, and withdrawing cash. The owner is required to journalize the transactions, post them to ledger accounts, and prepare financial statements for the month including an income statement, statement of owner's equity, and balance sheet.

Uploaded by

trilocksp Singh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Following is the chart of accounts of Sanchez Realty

Company
Following is the chart of accounts of Sanchez Realty Company:Assets 111 Cash 113 Accounts
Receivable 115 Supplies 117 Prepaid Insurance 124 Office Furniture Liabilities 221 Accounts
Payable Owner’s Equity 311 T. Sanchez, Capital 312 T. Sanchez, DrawingRevenue 411
Professional Fees Expenses 511 Salary Expense 512 Rent Expense 513 Advertising Expense
514 Utilities ExpenseSanchez completed the following transactions during April (the first month
of business): April 1 Sanchez deposited $ 20,000 in a bank account in the name of the
business. 5 Sold realty services on account to R. Miller, $ 7,500, Inv. No. 100. 7 Paid a bill for
advertising, $ 250, Ck. No. 1001. 8 Bought supplies on account from Taylor Supply, $ 420, Inv.
No. 2340. 9 Performed realty services for clients for cash, $ 2,530. 15 Received and paid the bill
for utilities, $ 280, Ck. No. 1002. 17 Bought a desk and chair from Lewis Furniture, $ 1,800,
paying $ 300 in cash and placing the balance on account, Ck. No. 1003. 20 Bought liability
insurance for one year, $ 1,800, Ck. No. 1004. 21 Paid the rent for the current month, $ 1,000,
Ck. No. 1005. 25 Paid on account to Taylor Supply, $ 420, for supplies purchased on April 8,
Ck. No. 1006. 27 Received $ 7,500 from R. Miller for services performed on April 5. 28
Received and paid the telephone bill for the month, $ 150, Ck. No. 1007. 29 Paid the salary of
the office assistant, $ 1,030, Ck. No. 1008. 30 Sanchez withdrew cash for his personal use, $
3,000, Ck. No. 1009.Required 1. Journalize the transactions for April in the general journal,
beginning on page 1. 2. Post the entries to the general ledger accounts. 3. Prepare a trial
balance as of April 30, 20—. 4. Prepare an income statement for the month ended April 30, 20—.
5. Prepare a statement of owner’s equity for the month ended April 30, 20—. 6. Prepare a
balance sheet as of April 30, 20—.View Solution: Following is the chart of accounts of Sanchez
Realty Company
SOLUTION-- http://solutiondone.online/downloads/following-is-the-chart-of-accounts-of-sanchez-
realty-company/

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