Journal Entries and Trial Balance 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 Credit No. Balances Balances 11 Cash 11,620 12 Accounts Receivable 27,070 13 1,320 Prepaid Insurance Office Supplies 14 790 16 Land 21 Accounts Payable 7.660 22 Uneamed Rent 23 Notes Payable 31 26,400 Lester Wagner, Capital Lester Wagner, Drawing 32 920 41 Fees Eamed 132,050 41 132,050 51 99,290 52 Fees Earned Salary and Commission Expense Rent Expense Advertising Expense Automobile Expense 13,210 53 7,790 54 2,380 59 Miscellaneous Expense 1,720 166,110 166,110 The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, $4,390. 2. Purchased office supplies on account, $1,140. 5. Paid insurance premiums, $3,160. 10. Received cash from clients on account, $21,930. 15. Purchased land for a future building site for $78,900, paying $8,700 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,950. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $180. 23. Paid advertising expense, $1,750. 27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $880. 28. Paid automobile expense (including rental charges for an automobile), $1,320. 29. Paid miscellaneous expenses, $390. 30. Recorded revenue eamed and billed to clients during the month, $26,320. 30. Paid salaries and commissions for the month, $5.350. 30. Withdrew cash for personal use. $880. 30. Rented and 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 $2,630. Required: Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNow on this problem 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four column account. The word Balance has been entered in the tom section and a check mark (V) has been placed in the Posting Reference column. 2. Journalize and insert the posting reference for the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. If an amount box does not require an entry leave it blank. Page 18 General Journal Description Post, Rel. Date Debit Credit 2019 Apr.1 Apr 2 |Apr 5 General Journal Page 19 Credit Date Description Post. Rel. Debit 2019 Apr. 27 Apr. 28 Apr. 29 Apr. 30-Rev. Salary Withdraw Rant - Elite Realty Unadjusted Trial Balance April 30, 2019 Debit Balances Credit Balances Sa. Assume that the April 30 transaction for salaries and commissions should have been $3,550. As a result, the unadjusted trial balance i 5b. Assume that the April 30 transaction for salaries and commissions should have been $3,550. Journalize the correcting entry. If an amo not require an entry, leave it blank. General Journal PAGE 19 Description Post. Ref. Debit Credit Date 2019 Apr. 30 Sc. Assume that the April 20 transaction for sales and commissions should have been $3,950. Is this error a transposition or slide