Exercise PR2-4A Financial & Managerial Accounting Edition 15

Supporting calculations: June 1 Cost of Work in Direct Direct Factory Total Unit Units Goods Job. No Quantity Process Materials Labor Overhead Cost Cost Sold Sold No. 201 550 $ 55,000 $ 41,250 No. 202 1,10 93,500 71,500 No. 203 550 38,500 22,000 No. 204 660 82,500 69,300 No. 205 480 60,000 48,000 No. 206 380 22,000 12,400 Total 3.720 $351.500 $264.450 a. Materials requisitions b. Work in process, June 1 C. Work in process materials d. Work in process direct labor e. Work in process factory overhead applied f. Work in process completed jobs transferred out g. Cost of goods sold h. Indirect labor included in factory overhead June 30 balances: Materials Work in Process Finished Goods Factory Overhead OOalyzing Transactions Obj. 1. 2. 3.4 PR 2-4A Journal entries and trial balance me Realty acts as an agent in buying, selling, renting, and managing . .one, The unadjust trial balance on March 31, 20Y3. follows: Elite Realty Unadjusted Trial Balance March 31, 2073 Debit Account Credit Balances No. Balances 26,300 1 1 12 61,500 Cash ........ .. .... ....... ..at. 13 3,000 Accounts Receivable... .. ... 14 1,800 Prepaid Insurance..... 16 Office Supplies.. .... 21 14,000 Land ... . .. .. .. 22 Accounts Payable ..... . 23 Unearned Rent........... 31 10,000 Notes Payable...... ... 36,000 Common Stock.......... 32 2,000 Retained Earnings..... 33 240,000 Dividends ........ 41 Fees Earned. .. 51 148,200 Salary and Commission Expense. ...... 52 30,000 Rent Expense ... 53 17,800 Advertising Expense.... 54 5,500 Automobile Expense ....... 59 3,900 Miscellaneous Expense . ..... 300,000 300,000 The following business transactions were completed by Elite Realty during April 20Y3: 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: $2,500. 27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 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, Instructions during a street rebuilding program; received advance payment of $10,000. 1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark (v) in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. posting. Post to the ledger, extending the account balance to the appropriate balance column after each 4. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3. 5 Assume that the April 30 transaction for salaries and commissions should have been $19.10 () Is this error a transposition or slide? Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting ent