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 Account Debit Credit Balances Balances No. 11 Cash 9,080 12 21,160 13 Accounts Receivable Prepaid Insurance Office Supplies 1,030 14 620 16 Land 1 21 5,990 22 Accounts Payable Unearned Rent Notes Payable 23 31 21,700 Lester Wagner, Capital Lester Wagner, Drawing 32 720 41 Fees Earned 103,200 32 720 41 103,200 51 78,670 52 Lester Wagner, Drawing Fees Earned Salary and Commission Expense Rent Expense Advertising Expense Automobile Expense Miscellaneous Expense 10,320 53 6,090 54 1,860 59 1,340 130,890 130,890 The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, $3,390. 2. Purchased office supplies on account, $850. 5. Pald Insurance premiums, $2,440. 10. Recelved cash from clients on account, $16,930. 15. Purchased land for a future building site for $60,900, paying $6,700 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,050. 20. Returned a portion of the office supplies purchased on April 2, receiving 5. Pald Insurance premiums, $2,440. 10. Received cash from clients on account, $16,930. 15. Purchased land for a future building site for $60,900, paying $6,700 in cash and giving a note payable for the remainder. 17. Pald creditors on account, $3,050. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $140. 23. Pald advertising expense, $1,350. 27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $680. 28. Paid automobile expense (including rental charges for an automobile), $1,020. 29. Pald miscellaneous expenses, $300. 30. Recorded revenue earned and billed to clients during the month, $20,320. 30. Pald salaries and commissions for the month, $5,310. 30. Withdrew cash for personal use, $680. 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 $2,030. Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon to open and save the Excel nle to your computer, Your input into the spreadsheet will not be included in your grade in Cengagenow on this problem 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account. The word Balance has been entered in the item section and a check mark (V) has been placed in the Posting Reference column. 2. Journalize and Insert the posting reference for the transactions for April in a two-column Journal beginning on Page 18. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank General Journal Page 18 Description Post. Ref. Date Debit Credit 2019 |Apr. 1
