Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

final question: journalize rhe transactions for april ina two column journal. Refer to the chart of accounts for exact wording of account titles. inset the

final question: journalize rhe transactions for april ina two column journal. Refer to the chart of accounts for exact wording of account titles. inset the appropriate posting references in both the journal and the ledger as each item is posted image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Elite Realty acts as an agent in buying, seling, renting, and managing real estate. The adjusted trial balance on March 31, 2018, follow Elite Realty UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 26,700.00 2 Accounts Receivable 58,600.00 2,800.00 3 Prepald Insurance + Office Supplies 5 Accounts Payable 1,800.00 12,200.00 6 Common Stock 10,000.00 Retained Earnings 37.800.00 3 Dividends 2.200.00 Check My Work 1 more Check My Work uses remaining 12 Fees Earned 236,900.00 145,500.00 33,000.00 10 Salary and Commission Expense 11 Rent Expense 12 Advertising Expense 15 Automobile Expense 14 Miscellaneous Expense 17,500.00 5,000.00 3,800.00 15 Totals 296,900.00 296,900.00 The following business transactions were completed by Elite Realty during April 2018 Enter the transactions through the 23rd on Page 18 of the two-column journal Apr 1 2 5 10 Paid rent on office for month, $6.000, Purchased office supplies on account $2.400 Paid Insurance premiums, $6,500 Received cash from clients on account. $52.600 Purchased land for a future building site for $181,500 paying $29.000 in cash and giving a note payable for the remainder Pald creditors on account, $6.450 15 17 Check My Work 1 more Check My Work uses remaining 15 17 20 Paid creditors on account, $6,450 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $340 Paid advertising expense, 54,450 23 Enter the following transactions on Page 19 of the two-column journal Apr 27 28 29 30 Discovered an error in computing a commission received cash from the salesperson for the overpayment, $2,000 Paid automobile expense (including rental charges for an automobile). S1,800. Paid miscellaneous expenses, S1,800. Recorded revenue earned and billed to clients during the month, $55,000 Pald salaries and commissions for the month, 515,600 Paid dividends, $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 S11.400.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing That Matters Case Studies Discussion Guide

Authors: Norman Marks

1st Edition

B089J5JCL2, 979-8650410546

More Books

Students also viewed these Accounting questions

Question

In order to provide a case of , four elements must be present.

Answered: 1 week ago

Question

state what is meant by the term performance management

Answered: 1 week ago