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 No.		Debit Balances	Credit Balances
11	Cash	9,490
12	Accounts Receivable	22,100
13	Prepaid Insurance	1,080
14	Office Supplies	650
16	Land
21	Accounts Payable		6,250
22	Unearned Rent
23	Notes Payable
31	Lester Wagner, Capital		22,600
32	Lester Wagner, Drawing	750
41	Fees Earned		107,800
51	Salary and Commission Expense	82,100
52	Rent Expense	10,780
53	Advertising Expense	6,360
54	Automobile Expense	1,940
59	Miscellaneous Expense	1,400
		136,650	136,650

The following business transactions were completed by Elite Realty during April 2019:

Apr. 1.	Paid rent on office for month, $3,540.
2.	Purchased office supplies on account, $920.
5.	Paid insurance premiums, $2,550.
10.	Received cash from clients on account, $17,680.
15.	Purchased land for a future building site for $63,600, paying $7,000 in cash
	and giving a note payable for the remainder.
17.	Paid creditors on account, $3,180.
20.	Returned a portion of the office supplies purchased on April 2, receiving
	full credit for their cost, $140.
23.	Paid advertising expense, $1,410.
27.	Discovered an error in computing a commission; received cash from the salesperson
	for the overpayment, $710.
28.	Paid automobile expense (including rental charges for an automobile), $1,060.
29.	Paid miscellaneous expenses, $320.
30.	Recorded revenue earned and billed to clients during the month, $21,220.
30.	Paid salaries and commissions for the month, $5,350.
30.	Withdrew cash for personal use, $710.
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 $2,120.

Question Content Area

Required:

Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon to open and save the Excel file 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 () 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.

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

4. Using the balances from the spreadsheet, prepare an unadjusted trial balance of the ledger as of April 30, 2019. If an amount box does not require an entry, leave it blank.

5a. Assume that the April 30 transaction for salaries and commissions should have been $3,550. As a result, the unadjusted trial balance in (4) would ________. (still balance, not balance. or not be impacted at all)

b. Assume that the April 30 transaction for salaries and commissions should have been $3,550. Journalize the correcting entry. If an amount box does not require an entry, leave it blank.

5c. Assume that the April 30 transaction for salaries and commissions should have been $3,550. Is this error a transposition or slide?