Instructions Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y Elite Realty UNADJUSTED TRIAL BALANCE March 31, 2083 ACCOUNT TITLE DEBIT CREDIT 1 Cash 25,800.00 59,700.00 2 Accounts Receivable 2,800.00 Prepaid Insurance Office Supplies 5 Accounts Payable 2,300.00 Common Stock 15,000.00 10,000.00 36,400.00 7 Retained Earnings 8 Dividends 1,600.00 255,400.00 9. Fees Eamed 10 Salary and Commission Expense 19 Rent Expense 12 Advertising Expense 13 Automobile Expense 34 Miscellaneous Expense 148,100.00 28,000.00 17,600,00 4,900.00 4,000.00 5 Totals 294,800.00 294,800.00 Check My Work The following business transactions were completed by Elite Realty during April 2013. Enter the transactions through the 23rd on Page 18 Apr. 1 N 5 10 15 Paid rent on office for month, $3,500. Purchased office supplies on account, $2,400. Paid insurance premiums, 55,200 Received cash from clients on account, $52,000. Purchased land for a future building site for $240,000. paying $26,000 in cash and giving a note payable for the remainder. Paid creditors on account, $6.250 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 5380. Paid advertising expense. 54,000 17 20 23 Enter the following transactions on Page 19 of the two-column joumat Apr 27 28 29 30 Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $2,700 Paid automobile expense (including rental charges for an automobile). $1,300. Paid miscellaneous expenses, $1,500 Recorded revenue earned and billed to clients during the month $55.000 Paid salaries and commissions for the month $11.200 Paid dividends, 54.000 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 $12.000 30 30 30 Required: 1. Record the April 1 2083 balance of each account in the appropriate balance column of a four-column account type Balance in the Check My Work All work saved ACCOUNTING EQUATION JOURNAL ASSETS LIABILITIES EL CREDIT DEBIT DESCRIPTION POST. REF. DATE 4 2 3 4 5 9 10 13 12 15 14 15 16 12 Check My Work All work saved Ledger 1. Record the April 1, 2013, balance of each account in the appropriate balance column of a four-column account type Balance in the item section, and select balance to the appropriate balance column after each posting, Post in chronological order. For transactions occurring on the same day, post in the order prese Jedger as each item is posted. LEDGER Account Account Cash Account Account Account Account Account Account Account Account Account Accounts Receivable Account: Prepaid Insurance Account: Office Supplies Account: Land Account: Accounts Payable Account: Unearned Rent Account: Notes Payable Account Common Stock Account: Retained Earnings Account Dividends Account fees Earned Account: Salary and Commission Expense Account Rent Expense Account Advertising Expense Account: Automobile Expense Account: Miscellaneous Expense Account Account Account Account Account Account Acco Accou Check My Work Elite Realty UNADJUSTED TRIAL BALANCE April 30, 2013 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Prepaid Insurance + Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent Notes Payable . Common Stock 10 Retained Earnings 11 Dividends 12 Fees Eamed 63 : Salary and Commission Expense 14 Rent Expense 5 Advertising Expense 1. Automobile Expense 1 Miscellaneous Expense Totals Check My Work All work saved 5. Assure that the April 30 transaction for salanes and commissions should have been $12,100 The debit equaled the credit in the original entry (a) Why did the unadjusted trial balance in (4) balance? (b) Joumalize 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) Refer to the Chart of Accounts Question not attempted PAGE Score: 0/25 ACCOUNTING EQUATION JOURNAL ASSETS LIABILITIES EQ CREDIT DOSTI ROSE DEBT DATE DESCRIPTION 1 2 (c) Is this error a transposition or slide Transposition Feedback Check My Work 5.) Recall that the trial balance does not provide complete proof of the accuracy of the ledger but indicates only that debits equal credits Consider what may have been handled incorrectly did it cause the debit and credit column totals to be unequal CM Work