Problem-klite keathy Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance for November 30,203, follows: The following business transactions were completed by Elite Realty during the month of December 20Y3. Dec 1-Paid rent on office for month, $6,500. 2 - Purchased office supplies on account, \$2,500. 7 - Paid insurance premiums, $4,500. 11 - Received cash from clients on account, $58,500. 14 - Purchased land for a future building site for $450,000, paying $40,000 in cash and giving a note payable for the remainder. 17- Paid creditors on account, $2,000. 20 - Returned a portion of the office supplies purchased Dec 2, receiving a full credit for their cost 5750. 23 - Paid advertising expense, $2,500. Enter the following transactions on Page 13 of the two-column journal: 24 - Discovered an error in computing commission; received cash from the sales-person for the overpayment, 3500 . 27 - Paid automobile expense (including rental charges for an automobile), \$1,500. 28 - Paid miscellaneous expenses, $300. 31 - Recorded revenue eamed and billed to clients during the month, $65,000. 31 - Paid salaries and commissions for the month, $16,200. 31 - Withdrew cash for personal use, $5,000. 31 - Rented land purchased on Dec 14 to local merchants association for use as a parking lot in January and February, during a street rebullding program; recelved advance payment of $9,000. 1. Record the Dec 1,2033, balance of each account in the appropriate balance column of a fourcolumn account, write 'Balance' in the item column, and place a check mark in the Posting Reference column. 2. Journalize the transactions for December in a two-column joumal beginning on page 12. Joumal 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 December 31,20Y3. 5. Assume that the December 31 transaction for salaries and commissions should have been $12,600. (a) Why did the unadjusted trial balance in (4) balance? (b) Joumalize the correcting entry. (c) is this error a transposition or slide