I'm not sure if I am solving this correctly. If not, could you help me?
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31,20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3. Enter the transactions through the 23rd on Page 18 of the two-column journal: 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, $2,800. 28 Paid automobile expense (including rental charges for an automobile), $1,700. 29 Paid miscellaneous expenses, \$1,300. 30 Recorded revenue earned and billed to clients during the month, $58,000. 30 Paid salaries and commissions for the month, $15,600. 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 $9,600. Required: 1. Record the April 1, 20Y3, 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, 20Y3. 5. Assume that the April 30 transaction for salaries and commissions should have been $16,500. (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 REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Prepaid Insurance EXPENSES 14 Office Supplies 51 Salary and Commission Expense 16 Land 52 Rent Expense 53 Advertising Expense LIABILITIES 54 Automobile Expense 21 Accounts Payable 59 Miscellaneous Expense 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 2. Journalize the transactions for April in a two-column journal beginning on Page 18. JOURNAL ACCOUNTING EQUATION 2. Journalize the transactions for April in a two-column journal beginning on Page 18. General Journal Instructions Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31,20Y3, follows: The following business transactions were completed by Elite Realty during April 20Y3. Enter the transactions through the 23rd on Page 18 of the two-column journal: 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, $2,800. 28 Paid automobile expense (including rental charges for an automobile), $1,700. 29 Paid miscellaneous expenses, \$1,300. 30 Recorded revenue earned and billed to clients during the month, $58,000. 30 Paid salaries and commissions for the month, $15,600. 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 $9,600. Required: 1. Record the April 1, 20Y3, 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, 20Y3. 5. Assume that the April 30 transaction for salaries and commissions should have been $16,500. (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 REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Prepaid Insurance EXPENSES 14 Office Supplies 51 Salary and Commission Expense 16 Land 52 Rent Expense 53 Advertising Expense LIABILITIES 54 Automobile Expense 21 Accounts Payable 59 Miscellaneous Expense 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 2. Journalize the transactions for April in a two-column journal beginning on Page 18. JOURNAL ACCOUNTING EQUATION 2. Journalize the transactions for April in a two-column journal beginning on Page 18. General Journal Instructions
