Elite Really acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31,20Y7, follows: The following business transactions were completed by Elite Realty during April 20Y7. Enter the transactions through the the two-column journal: Apr. 1 Paid rent on office for month, $6,000. 2 Purchased office supplies on account, $2,500. 5 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $53,000. 15 Purchased land for a future building site for $234,000, paying $27,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,050. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $320. 23 Paid advertising expense, $4,050. 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, $2,700. 28 Paid automobile expense (including rental charges for an automobile), $1,600. 29 Paid miscellaneous expenses, $1,600. 30 Recorded revenue earned and billed to clients during the month, $58,000. 30 Recorded revenue earned and billed to clients during the month, $58,000. 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 rebullding program; received advance payment of $10,400. Required: 1. Fecord the April 1, 20Y7, balance of each account in the appropriate balance column of a four-column account. Record DATE, POST. REF, a debit or credit and a debit or credit under BALANCE on every line. in CNOW, llem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In. CNOW, Journat pages do not begin with V : For example journal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0. 2. Joumalize the transactions for April in a two-column journal beginning on Page 18 . Refer to the Chart of Accounts for exact wording of account tities. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use. ines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumais will automaticaily indent a credit entry when a credit amount is entered: 3. Post to the ledgec, extending the account balance to the appropriate balance column affer each posting. Post in chronological CNOW, voumal pages do not begin with .2. For example journal page ro POSI, REF 15 simply to, Use a v tor beginning balances. If the ending balance is $0, at least one balance amount should be so. 2. Joumalize the transactions for April in a wo-column journal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. 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 joumal and the ledger as each item is posted. Record DATE, POST. REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Mem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM Dlank when recording all other entries. in CNOW, Journal pages do not begin with V: For example joumal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y7. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadiusted trial Elite Really acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31,20Y7, follows: The following business transactions were completed by Elite Realty during April 20Y7. Enter the transactions through the the two-column journal: Apr. 1 Paid rent on office for month, $6,000. 2 Purchased office supplies on account, $2,500. 5 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $53,000. 15 Purchased land for a future building site for $234,000, paying $27,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,050. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $320. 23 Paid advertising expense, $4,050. 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, $2,700. 28 Paid automobile expense (including rental charges for an automobile), $1,600. 29 Paid miscellaneous expenses, $1,600. 30 Recorded revenue earned and billed to clients during the month, $58,000. 30 Recorded revenue earned and billed to clients during the month, $58,000. 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 rebullding program; received advance payment of $10,400. Required: 1. Fecord the April 1, 20Y7, balance of each account in the appropriate balance column of a four-column account. Record DATE, POST. REF, a debit or credit and a debit or credit under BALANCE on every line. in CNOW, llem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In. CNOW, Journat pages do not begin with V : For example journal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0. 2. Joumalize the transactions for April in a two-column journal beginning on Page 18 . Refer to the Chart of Accounts for exact wording of account tities. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use. ines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumais will automaticaily indent a credit entry when a credit amount is entered: 3. Post to the ledgec, extending the account balance to the appropriate balance column affer each posting. Post in chronological CNOW, voumal pages do not begin with .2. For example journal page ro POSI, REF 15 simply to, Use a v tor beginning balances. If the ending balance is $0, at least one balance amount should be so. 2. Joumalize the transactions for April in a wo-column journal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. 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 joumal and the ledger as each item is posted. Record DATE, POST. REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Mem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM Dlank when recording all other entries. in CNOW, Journal pages do not begin with V: For example joumal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y7. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadiusted trial