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 TITLE DEBIT CREDIT 1 Cash 26,300.00 61,500.00 3,000.00 2 Accounts Receivable 3 Prepaid Insurance Office Supplies s Land 6 Accounts Payable 1,800.00 14,000.00 7 Unearned Rent & Notes Payable 7 Unearned Rent 46,000.00 2.000.00 240,000.00 Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Earned 12 Salary and Commission Expense 13 Rent Expense 10 Advertising Expense 15 Automobile Expense 16 Miscellaneous Expense 148,200.00 30,000.00 17,800.00 5,500.00 3,900.00 17 Totals 300,000.00 300,000.00 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. 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 2 5 10 15 Paid rent on office for month, $6,500. Purchased office supplies on account, $2,300. Paid insurance premiums, $6,000. Received cash from clients on account, $52,300. Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder Paid creditors on account, $6,450. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. Paid advertising expense, $4,300. 17 20 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, $2,500 Paid automobile expense (including rental charges for an automobile), $1,500. Paid miscellaneous expenses, $1,400. 28 29 29 30 30 Paid miscellaneous expenses, $1,400. Recorded revenue earned and billed to clients during the month, $57,000. Paid salaries and commissions for the month, $11,900 Withdrew cash for personal use, $4,000. 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. 30 30 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 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? CHART OF ACCOUNTS Elite Realty General Ledger ASSETS REVENUE 41 Fees Earned 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Lester Wagner, Capital 32 Lester Wagner, Drawing 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. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 18 JOURNAL Score: 52/230 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY + 1 Apr. 1 Rent Expense 52 6,500.00 2 Cash 11 6,500.00 + 3 14 2,300.00 t Office Supplies Accounts Payable 4 21 2,300.00 t S 6 7 PAGE 19 JOURNAL Score: 0/190 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Ledger Shaded cells have feedback 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 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. Question not attempted. LEDGER Score: 0/377 Account: Cash Account No. 11 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 26,300.00 2 3 3 10 11 12 13 Account: Accounts Receivable Account No. 12 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 61,500.00 2 3 Account: Prepaid Insurance Account No. 13 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 3,000.00 1 Account: Accounts Payable Account No. 21 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 14,000.00 1 Apr.1 Balance 2 3 1 Account: Unearned Rent Account No. 22 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Account: Notes Payable Account No. 23 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DERIT CAT Account: Notes Payable Account No. 23 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Account: Lester Wagner, Capital Account No. 31 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 46,000.00 Account: Lester Wagner, Drawing Account No. 32 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr. 1 Balance 2,000.00 2 Account: Fees Earned Account No. 41 BALANCE DATE ITEU POST PIC DEBIT CRENT Account: Fees Earned Account No. 41 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 240,000.00 2 Account: Salary and Commission Expense Account No. 51 DATE ITEM POST. REF. DEBIT CREDIT CREDIT BALANCE DEBIT 148,200.00 1 Apr.1 Balance 2 3 Account: Rent Expense Account No. 52 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 30,000.00 Account: Rent Expense Account No. 52 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 30,000.00 2 Account: Advertising Expense Account No. 53 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr.1 Balance 17,800.00 2 Account: Automobile Expense Account No. 54 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Apr. 1 Balance > 5,500.00 2 Account: Miscellaneous Expense Account No. 59 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Apr. 1 Balance 3,900.00 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. Question not attempted. Score: 0/67 Elite Realty UNADJUSTED TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent Land Accounts Payable Unearned Rent Notes Payable Lester Wagner, Capital Lester Wagner, Drawing Fees Earned Salary and Commission Expense 3 Rent Expense Advertising Expense Automobile Expense Miscellaneous Expense 7 Totals 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) Joumalize 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.) Question not attempted. PAGE 20 JOURNAL Score: 0/25 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 (c) Is this error a transposition or slide