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 Credit Account Debit Balances Balances No. Cash 9,070 Accounts Receivable 21,130 1,030 Prepaid Insurance 620 Office Supplies Land 5,980 Accounts Payable Uneamed Rent Notes Payable 21,600 Lester Wagner, Capital Lester Wagner, Drawing Fees Earned 103,060 Previous Check My Work 3 more Check my work uses remaining Email Instructor Save and be Submit Assement for Grading O . 11:41 eBook E Spreadsheet Calculator 130,640 130,640 The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 53,470. 2. Purchased office supplies on account, 5900 5. Paid Insurance premiums, $2,500. 10. Received cash from clients on account, $17,330. 15. Purchased land for a future building site for $62,400, paying $6,900 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,120 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 5140. 23. Paid advertising expense, $1,390 27. Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 5690. 28. Pald automobile expense (including rental charges for an automobile), 51,040 29. Paid miscellaneous expenses, $310. 30. Recorded revenue earned and billed to clients during the month, 520,800. 30. Pald salaries and commissions for the month, 55,490. Check My Work 3 more Check My Work uses remaining Previous C eBook Required: IE Spreadsheet Calculator 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 item section and a check mark (V) has been placed in the Posting Reference column. 2. Joumale 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. General Journal Page 18 Date Description Post. Ref. Debit Credit Apr. 2 Apr. 10 Check My Work 3 more CheckMy Work uses remaining
