Journal Entries of Real Estate Companies

If you are the accountant or account manager or anyone in accounting department, you may be responsible to the accounts of real estate company. Whether there is big or small real estate company, you have to understand it and use your accounting skills to record all the transactions of real estate company.

1. To Record the Transactions of Expenses of Real Estate Company

Following journal entries will be passed.

Expenses Account Debit

Bank Account Credit

Following may be main expenses in real estate business company.

Sales Expense Account Debit 

Commissions to Property Dealer Expense
Royalty Expense
Buyer Sales Expense

Salaries and Wages Expense Account Debit 

Salaries and Wages – Employees Expense
Insurance of Employees Expense
Other Employee Benefits – Expense

Advertising Expenses Account Debit 

Online Advertising Expense
Print Advertising  Expense

Other Operating Expenses Account Debit 

Utilities Expense
Repairs and Maintenance Expense
Depreciation Expense

Insurance Expense
Mobile / Telephone Expense
Internet Expense
Website Expense
Legal Fees
Other Professional Fees
Refreshment and Entertainment Expense
Travel Expense
Lodging Expense
Charitable Donations
Other operating expenses

Bank Account Credit 

2. To Record the Transactions of Revenue of Real Estate Company

When any real estate company earn any money from sale or from anything, accountant must pass following journal entries.

Bank Account / Account Receivables Debit 

Residential Property Sales Revenue Account Credit 
Residential Property Leasing Revenue Account Credit 
Residential Property Management Revenue Account Credit 
Commercial Property Sales Revenue Account Credit 
Commercial Property Leasing Revenue Account Credit 
Commercial Property Management Revenue Account Credit 
Interest Revenue Account Credit 

3. If real estate company has sold property on credit and it receives the money.

Bank account Debit 

Account Receivables Account Credit

3. If real estate company has bought the new property.

Residential Property Purchase Account Debit 
Commercial Property Purchase  Account Debit

Bank Account / Loan Account / Account Payable Account Credit

4. When Real Estate Company paid the loan and account payable which he got for buying property

Loan Account / Account Payable Account Debit

Bank Account Credit 


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Accounting Education: Journal Entries of Real Estate Companies
Journal Entries of Real Estate Companies
Accounting Education
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