Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i want the ledger part please. t Credit Balances No. Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The
i want the ledger part please.
t Credit Balances No. 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 Debit Balances 11 26,300 Cash 12 61,500 Accounts Receivable.. 13 3,000 Prepaid Insurance Office Supplies. 14 1,800 Land 16 Accounts Payable 21 14,000 Unearned Rent.. 22 Notes Payable. 23 Lester Wagner, Capital 31 46,000 Lester Wagner, Drawing. 32 2,000 Fees Earned.. 41 240,000 Salary and Commission Expense. 51 148,200 Rent Expense 52 30,000 Advertising Expense.. 53 17,800 Automobile Expense 54 5,500 Miscellaneous Expense 59 3,900 300,000 300,000 (Continued The following business transactions were completed by Elite Realty during April 2019: 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: 27. Discovered an error in computing a commission; received cash from the sales- person for the overpayment, $2,500. 28. Paid automobile expense (including rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $1,400. arned and billed to clients during the month, $57,000. 30. Recorded revenue 30. Paid salaries and commissions for the month, $11,900 30. Withdrew cash for personal use, $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 ad- vance payment of $10,000. Instructions 1. Record the April 1, 2019, 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 () 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. 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, 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. (C) Is this error a transposition or slide? ORIAStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started