Chapter 2 Analyzing Transactions PR 2-4A Journal entries and trial balance Elite Realty acts as an agent in buying, obi. 1, 2, 3, 4 trial selling, renting, and managing real estate, The unadjusted balance on March 31, 2018, follows: Elite Realty Unadjusted Trial Balance March 31, 2018 Cash 26,300 Accounts Receivable. 61,500 Prepaid Insurance 3,000 office Suppl 1800 16 Accounts Payable 21 14.000 Unearned Rent Notes Payable. Common Stock. Retained Earnings Dividends Fees Earned 41 240,000 Salary and Commission Expense 148.200 Rent Expense 52 30,000 Advertising Expense 17.800 Automobile Expense 5.500 Miscellaneous Expen 59 300,000 The following business transactions were completed by Elite Realty during April 2018 Apr 1. Paid rent on office for month, $6,500. 2. Purchased office supplies on account $2,300 S. Paid insurance premiums, $6000. 10. Received cash from clients on account, S52,300. 15. purchased land for a future building ste for s20oooo, paying s30ooo in cash and giving anote payable for the remainder 17. paid creditars on account, $6,450. 23. Paid advertising expense, $4.300. Enter the following transactions on Page 19 of the two-column journal. 27. Discovered an emor in computing a commission, receivedcash from the salesperson forthe 28, overpayment, charges for an automobile) s1,soo, Paid automobile expense (including rental 29, Paid miscellaneous expenses, $1,400. 30. Recorded revenue earned and billed to clients during the month, sszooo. 30. Pald salaries and commissions for the month, s11 900. 30. paid dividends, $4,000 for useasa parking lot in May and 30. Rented and purchased on April 15 to local merchants association ofs10000 June during a street rebuilding program received advance payment Instructions nt the e balance column of a Chapter 2 Analyzing Transactions PR 2-4A Journal entries and trial balance Elite Realty acts as an agent in buying, obi. 1, 2, 3, 4 trial selling, renting, and managing real estate, The unadjusted balance on March 31, 2018, follows: Elite Realty Unadjusted Trial Balance March 31, 2018 Cash 26,300 Accounts Receivable. 61,500 Prepaid Insurance 3,000 office Suppl 1800 16 Accounts Payable 21 14.000 Unearned Rent Notes Payable. Common Stock. Retained Earnings Dividends Fees Earned 41 240,000 Salary and Commission Expense 148.200 Rent Expense 52 30,000 Advertising Expense 17.800 Automobile Expense 5.500 Miscellaneous Expen 59 300,000 The following business transactions were completed by Elite Realty during April 2018 Apr 1. Paid rent on office for month, $6,500. 2. Purchased office supplies on account $2,300 S. Paid insurance premiums, $6000. 10. Received cash from clients on account, S52,300. 15. purchased land for a future building ste for s20oooo, paying s30ooo in cash and giving anote payable for the remainder 17. paid creditars on account, $6,450. 23. Paid advertising expense, $4.300. Enter the following transactions on Page 19 of the two-column journal. 27. Discovered an emor in computing a commission, receivedcash from the salesperson forthe 28, overpayment, charges for an automobile) s1,soo, Paid automobile expense (including rental 29, Paid miscellaneous expenses, $1,400. 30. Recorded revenue earned and billed to clients during the month, sszooo. 30. Pald salaries and commissions for the month, s11 900. 30. paid dividends, $4,000 for useasa parking lot in May and 30. Rented and purchased on April 15 to local merchants association ofs10000 June during a street rebuilding program received advance payment Instructions nt the e balance column of a
