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no hand-written. The following business transactions were completed by Elite Realty during April 2017: Apr. 1. Paid rent on office for month, $6,500. 2. Purchased
no hand-written.
The following business transactions were completed by Elite Realty during April 2017: Apr. 1. Paid rent on office for month, $6,500. 2. Purchased office supplies on account, $2,300. 5. Paid insurance premiums, $6,000. 10. Received cash from clients on account, $52,300. 15. Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $6,450. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. 23. Paid advertising expense, $4,300. Enter the following transactions on Page 19 of the two-column journai: 27. Discovered an error in computing a commission; received cash from the sales- person for the overpayment, $2,500. 28. Paid automobile expense (including rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $1,400. 30. Recorded revenue earned and billed to clients during the month. $57,000. 30. Paid salaries and commissions for the month, $11.900. 30. Withdrew cash for personal use. $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 $10.000. Instructions 1. Record the April 1, 2017, balance of each account in the appropriate balance column of a four-column account write Balance in the item column, and place a check mark in the Posting Reference column 2. Journalize the transactions for April in a two-column journal beginning on Page 18 Journal entry explanations may be omitted. 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, 2017 5. Assume that the April 30 transaction for salaries and commissions should have been $19.100. Why did the unadjusted trial balance in D balance? (b) Journalize the cor recting catry (C) Is this error a transposition or slide Step by Step Solution
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