Journal Entries and Trial Balance Orange Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 2014, is shown next. ORANGE REALTY Trial Balance October 31, 2014 Debit Credit Balances Balances Cash 16,960 Accounts Receivable 34,900 Prepaid Insurance 3,600 Office Supplies 800 Land Accounts Payable 4,960 Unearned Rent Notes Payable 5,000 Common Stock Retained Eaminos 26,540 Dividends 12.500 Batman, 18-20.pot 26,540 Dividends 12,800 Fees Earned 176,000 Salary and commission Expense 112,000 Rent Expense 14,000 Advertising Expense 11.440 5,120 Automobile Expense Miscellaneous Expense 880 212,500 212,500 The following business transactions were completed by Orange Realty during November 2014: 1 Purchased office supplies on account $1,050. Nov 2 Paid rent on office for month, $2.000. 3 Received cash from clients on account, $22,300, 5 Pald annual Insurance premiums, $2,850. 9 Returned a portion of the office supplies purchased on November 1. receiving full credit for their cast 5200 Paid advertising expense, $2,750 23 Paid creditors on account 52.475 of Pallu andansurance premiums 2850. 9 Returned a portion of the office supplies purchased on November 1, receiving full credit for their cost, $200. 17 Paid advertising expense, $2,750. 23 Paid creditors on account, $2,475. 29 Paid miscellaneous expenses, $250. 30 30 Paid automobile expense (including rental charges for an automobile), $750. Discovered an error in computing a commissiony received cash from the salesperson for the overpayment, $500. Paid salaries and commissions for the month $13,900. 30 30 Recorded revenue earned and billed to clients during the month, $41.500. 30 30 Purchased land for a future building site for $37.500, paving $5,000 in cash and olving a note payable for the remainder Paid dividends, $2,500. Rented and purchased on November 30 to a local university for use as a parking lot for athletic events; received advance payment of 52.800 30 Required Walise the transactions for November in a two colums journal. If an amount box does not require an entry leave the box blank WON 1. Journalize the transactions for November in a two-column journal. If an amount box does not require an entry, leave the box blank. Nov. 1 Nov. 2 Nov./3 NOV. 5 NOV. 9 >>>> Nov. 27 Nov. 23 11 Nov. 29 Nov. 30 0 0 Nov. 30 Nov. 30 Nov. 30 Nov. 30 I Nov. 30 Nov. 30 2. Record the November 1, 2014, balance of each account in the appropriate balance column of a T account. 3. Post the journal entries to the T accounts below, selecting the date to the left of each amount to identify the transaction. Determine the balances for all accounts Cash > > > Staten 1-3-20.por a 1 Accounts Receivable 4. Prepare a trial balance of the ledger as of November 30, 2014. If an amount box does not require an entry Orange Realty Trial Balance November 30, 2014 Debit Balances Credit Balances cash Accounts Receivable bait insurance wanted 4. Prepare a trial balance of the ledger as of November 30, 2014. If an amount box does not require an entry, leave the box blank. Orange Realty Trial Balance November 30, 2014 Debit Balances Credit Balances Cash Accounts Receivable Prepaid insurance Office Supplies Land Accounts Payable Uneamed Rent Notes Payable Common Stock Retained Earnings Dividends Fees Earned 5sary and commission Expense Rakt Expense otakeAssignmentSessionla Accounts Receivable Prepaid Insurance Office Supplies Land Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends
