Kane Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2015, is shown below.

The following business transactions were completed by Kane Realty during November 2015:
Nov. 1. Paid rent on office for month, $3,000.
5. Hired a new secretary, $1,200 per week. She starts next week.
10. Received cash from clients on account, $25,000.
15. Purchased land for a future building site for $90,000, paying $10,000 in cash and giving a note payable for the remainder.
17. Paid creditors on account, $2,910.
23. Paid advertising expense, $1,250.
30. Recorded revenue earned and billed to clients during the month, $31,750.
30. Paid salaries and commissions for the month, $13,500.
30. Withdrew cash for personal use, $1,000.
Instructions
1. Record the November 1, 2015, balance of each account in a three-column ledger, noting if it is a debit or credit. Write Balance in the item section, and place a check mark (œ”) in the Posting Reference column.
2. Journalize the transactions for November in a two-column journal. Journal entry explanations may be omitted.
3. Post the journal entries to the ledger, extending the account balance and noting debit or credit after each posting of the balance.
4. Prepare an unadjusted trial balance as at November 30, 2015.

Transcribed Image Text:

Kane Realty Unadjusted Trial Balance October 31, 2015 Debit Balances Credit Balances 1010 Cash 1020 Accounts Receivable 1040 Office Supplies 1060 Land 2010 Accounts Payable 2030 Notes Payable 3010 Nicole Russell, Capital 3020 Nicole Russell, Withdrawals 4010 Fees Earned 5010 Salary and Commission Expense 5020 Rent Expense 5030 Advertising Expense 13,150 33,750 900 6,510 11,790 1,000 128,500 74,100 15,000 8,900 146,800 146,800