PR 2-4A Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial halance on March 31, 2016, follows Elite Realty Unadjusted Trial Balance March 31,2016 61,300 3,000 12 Accounts Recelvable 13 Prepaid Iinsuance.. 4 Office Supplies... 16 Land 21 Accounts Payable..cassensEEssnNSNNN 22 Unearned Rent.... 23 Notes Payable 4,000 32 Lester Wagner, Drawing 1Fees Earned 4820040000 Salary and Commission Expense. 52 Rent Expense.. 53 Advertising Expeese... 54 Automobile Expense 59 Miscellaneous Expense 7 800 5.500 93 The following business transactions were completed by Elite Realty duning April 2016 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 Apr. 1. and giving a note payable for the remainder 17 Paid creditors on account, $6,450 20. Returned a poetion of the office supplies purchased on Apeil 2, receiving full credit for their cost, $325 23 Paid advertising expense, S4,300 Enter the following fransactions on Page 19 of the -coln 27. Discovered an error in computing a commission received cash from the salks person for the overpayment, $2,500 28. Paid automobile expense Cincluding rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $1,400 30. Recorded revenue earned and hilled to clients during the month, $57,000 0. Pail salaries and commissions for the month, $11,900 30, withdrew cash for personal use, $4,000. 0. 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 freceived ad vance payment of $10,000 Instructions 1. Record the April 1, 2016, balance of each account in the appropriate balance column of a four-column account, write Ralance in the em section, and place a check mark ()in the Posting Reference column 2 Journalize the transactions for Apeil in a two-column journal beginning on Page 1. Journal entry explanations may be omitted Post to the ledger, extending the account balance to the appropriate halance colamn after each posting . Prepare an unadjasted trial balance of the ledger as of April 90, 2016 Assume that the April 50 transaction for salaries and commissions should have been 19,100, (a) why did the unadjusted trial balance in () halance? 0b) Journalize the correcting entry, (c) Is this error a transposition or slide PR 2-4A Journal entries and trial balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial halance on March 31, 2016, follows Elite Realty Unadjusted Trial Balance March 31,2016 61,300 3,000 12 Accounts Recelvable 13 Prepaid Iinsuance.. 4 Office Supplies... 16 Land 21 Accounts Payable..cassensEEssnNSNNN 22 Unearned Rent.... 23 Notes Payable 4,000 32 Lester Wagner, Drawing 1Fees Earned 4820040000 Salary and Commission Expense. 52 Rent Expense.. 53 Advertising Expeese... 54 Automobile Expense 59 Miscellaneous Expense 7 800 5.500 93 The following business transactions were completed by Elite Realty duning April 2016 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 Apr. 1. and giving a note payable for the remainder 17 Paid creditors on account, $6,450 20. Returned a poetion of the office supplies purchased on Apeil 2, receiving full credit for their cost, $325 23 Paid advertising expense, S4,300 Enter the following fransactions on Page 19 of the -coln 27. Discovered an error in computing a commission received cash from the salks person for the overpayment, $2,500 28. Paid automobile expense Cincluding rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $1,400 30. Recorded revenue earned and hilled to clients during the month, $57,000 0. Pail salaries and commissions for the month, $11,900 30, withdrew cash for personal use, $4,000. 0. 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 freceived ad vance payment of $10,000 Instructions 1. Record the April 1, 2016, balance of each account in the appropriate balance column of a four-column account, write Ralance in the em section, and place a check mark ()in the Posting Reference column 2 Journalize the transactions for Apeil in a two-column journal beginning on Page 1. Journal entry explanations may be omitted Post to the ledger, extending the account balance to the appropriate halance colamn after each posting . Prepare an unadjasted trial balance of the ledger as of April 90, 2016 Assume that the April 50 transaction for salaries and commissions should have been 19,100, (a) why did the unadjusted trial balance in () halance? 0b) Journalize the correcting entry, (c) Is this error a transposition or slide