Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions Elite Realty acts as an agent in buying, selling, renting, and managing

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: Elite Realty UNADJUSTED TRIAL BALANCE March 31, 2019 CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance Office Supplies $Land 4 Accounts Payable 7 Unearned Rent Notes Payable ACCOUNT TITLE DEBIT 25,700.00 61.600.00 3,300.00 2.000.00 15.800.00 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Earned 22 Salary and Commission Expense 13 Rent Expense 14 Advertising Expense 157 Automobile Expense 15 Miscellaneous Expense 17 Totals 25,700.00 61,600.00 3.300.00 2,000.00 2,200.00 146.500.00 33,000.00 16.100.00 4.800.00 3,800.00 299,000.00 13,800.00 47.000.00 238.200.00 299.000.00 The following business transactions were completed by Elite Realty during April 2019, Enter the transactions through the 23rd on Page 18 of the two-column journal Apr 1 Paid rent on office for month, $5,500 2 Purchased office supplies on account, $2,100 5 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $52,700 15 Purchased land for a future building site for $247,500, paying $25,000 in cash and giving a note payable for the remainder.. 17 Paid creditors on account, $6,100. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $380 Paid advertising expense, $4,450. 23 Enter the following transactions on Page 19 of the two-column journal Apr 27 Discovered an error in computing a commission received cash from the salesperson for the overpayment, $2,100, 28 Paid automobile expense (including rental charges for an automobile), $1,700 29 Paid miscellaneous expenses, $1,500 30 Recorded revenue earned and billed to clients during the month, $55,000 30 Paid salaries and commissions for the month, $11,900 30 Withdrew cash for personal use. $4,000 did misceraneous expens 30 Recorded revenue earned and billed to clients during the month, $55,000. 30 Paid salaries and commissions for the month, $11,900 30 Withdrew cash for personal use, $4,000. 30 Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program, received advance payment of $10,400 Required: 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 2 Journalize the transactions for April in a two-column journal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions Insert the appropriate posting references in both the journal and the ledger as each item is posted 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100 (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry on April 30. Use page 20. (Note You will not be required to post this entry to the ledger at this time) (c) is this error a transposition or slide

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Curriculum Auditing

Authors: Fenwick W. English

1st Edition

0877625921, 978-0877625926

More Books

Students also viewed these Accounting questions

Question

Conduct an effective performance feedback session. page 360

Answered: 1 week ago