Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March $31,20$Y$3,$ follows:

Elite Realty

UNADJUSTED TRIAL BALANCE

March $31,20$Y$3$

ACCOUNT TITLE DEBIT CREDIT

$1$

Cash

$25,400\mathrm{.}00$

$2$

Accounts Receivable

$63,000\mathrm{.}00$

$3$

Prepaid Insurance

$3,300\mathrm{.}00$

$4$

Office Supplies

$1,700\mathrm{.}00$

$5$

Accounts Payable

$13,500\mathrm{.}00$

$6$

Common Stock

$10,000\mathrm{.}00$

$7$

Retained Earnings

$37,700\mathrm{.}00$

$8$

Dividends

$1,700\mathrm{.}00$

$9$

Fees Earned

$241,100\mathrm{.}00$

$10$

Salary and Commission Expense

$148,800\mathrm{.}00$

$11$

Rent Expense

$31,000\mathrm{.}00$

$12$

Advertising Expense

$17,500\mathrm{.}00$

$13$

Automobile Expense

$6,000\mathrm{.}00$

$14$

Miscellaneous Expense

$3,900\mathrm{.}00$

$15$

Totals

$302,300\mathrm{.}00$

$302,300\mathrm{.}00$

The following business transactions were completed by Elite Realty during April $20$Y$3.$ Enter the transactions through the $23$rd on Page $18$ of the two$-$column journal:

Apr. $1$ Paid rent on office for month, $$6,000.$

$2$ Purchased office supplies on account, $$2,000.$

$5$ Paid insurance premiums, $$5,000.$

$10$ Received cash from clients on account, $$52,800.$

$15$ Purchased land for a future building site for $$205,000,$ paying $$29,000$ in cash and giving a note payable for the remainder.

$17$ Paid creditors on account, $$5,850$

$20$ Returned a portion of the office supplies purchased on April $2,$ receiving full credit for their cost, $$340.$

$23$ Paid advertising expense, $$4,200.$

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, $$2,100.$

$28$ Paid automobile expense $($including rental charges for an automobile$),$ $$1,600.$

$29$ Paid miscellaneous expenses, $$1,200.$

$30$ Recorded revenue earned and billed to clients during the month, $$56,000.$

$30$ 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 $$10,400.$

Required:

$1.$ Record the April $1,20$Y$3,$ 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 $18.$

$3.$ Post to the ledger, extending the account balance to the appropriate balance column after each posting.

$4.$ Prepare an unadjusted trial balance of the ledger as of April $30,20$Y$3.$

$5.$ 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

$11$ Cash

$12$ Accounts Receivable

$13$ Prepaid Insurance

$14$ Office Supplies

$16$ Land

LIABILITIES

$21$ Accounts Payable

$22$ Unearned Rent

$23$ Notes Payable

EQUITY

$31$ Common Stock

$32$ Retained Earnings

$33$ Dividends

REVENUE

$41$ Fees Earned