Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2014, is shown below.

PLEASE DO INCOME STATEMENT, OWNERS EQUITY, BALANCE SHEET AND STATEMENT OF CASH FLOW

ELITY REALTY

UNADJUSTED TRIAL BALANCE

MARCH 31, 2114

ACC # DEBIT CREDIT

CASH 11 26300

ACCOUNT RECEIVABLES 12 61500

PREPAID INSURANCE 13 3000

OFFICE SUPPLIES 14 1800

LAND 16

ACCOUNTS PAYABLE 21 14000

UNEARNED RENT 22

NOTES PAYABLE 23

LESTER WAGNER, CAPITAL 31 46000

LESTER WAGNER DRAWING 32 2000

FEES EARNED 41 240000

SALARY AND COMMISSION EXPENSE 51 148200

RENT EXPENSE 52 30000

ADVERTISING EXPENSE 53 17800

AUTOMOBILE EXPENSE 54 5500

MISCELLANEOUS EXPENSE 59 3900

300000 300000

The following business transactions were completed by Elite Realty during April 2014:

Apr. 1. Paid rent on office for month, $6,500.

2. Purchased office supplies on account, $2,300.

5. Paid insurance premiums, $6,000.

10. Received cash from clients on account, $52,300.

15. Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder.

17. Paid creditors on account, $6,450.

20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325.

23. Paid advertising expense, $4,300.

Enter the following transactions on Page 19 of the two-column journal.

27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $2,500.

28. Paid automobile expense (including rental charges for an automobile), $1,500.

29. Paid miscellaneous expenses, $1,400.

30. Recorded revenue earned and billed to clients during the month, $57,000.

30. Paid salaries and commissions for the month, $11,900.

30. Paid dividends, $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 $10,000.