UNADJUSTED TRIAL BALANCE March 31, 2017 ACCOUNT TTLE DEBIT CREDIT 1 Cash 26,300.00 2 Accounts Receivable 61,500.00 3 Prepaid Insurance 3,000.00 4 Office Supplies 1,800.00 5 Land 6 Accounts Payable 14,000.00 7 Unearned Rent & Notes Payable 46,000.00 9 Lester Wagner , Capital 10 Lester Wagner, Drawing 2,000.00 11 Fees Eamed 240,000.00 12 Salary and Commission Expense 148,200.00 50,000.00 13 Rent Expense * Advertising Expense 17,800.00 15 Automobile Expense 5,500.00 16 Miscellaneous Expense 3,900.00 17 Totals The following business transactions were completed by Elite Realty during April 2017. Enter the transactions through the 23rd on Page 18 of the two column journal Apr. 1 Paid rent on office for month, $3,500. 2 5 10 15 Purchased office supplies on account, $2,300 Paid insurance premiums, $8,000. Received cash from clients on account, $52,300 Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder. Paid creditors on account, 58,450 Retured a portion of the office supplies purchased on April 2. receiving full credit for their cost, $325. Paid advertising expense, $4,300. 17 20 23 Enter the following transactions on Page 19 of the two-column joumat: Apr. 27 Discovered an error in computing a commission received cash from the salesperson for the overpayment, $2,500 28 Paid automobile expense (including rental charges for an automobile), S1,500 29 Paid miscellaneous expenses. 51,400 30 Recorded revenue earned and billed to clients during the month, 557,000 30 Paid salaries and commissions for the month, $11.900. 30 Withdrew cash for personal use, 4,000 30 Rented and purchased on April 15 to local merchants association for use as a pa lot in May and June, during a street rebuilding program, received advance payment of $10,000. Required: 1. Record the April 1, 2017, balance of each account in the appropriate balance column of a four-column account. Record DATE, ITEM, POST REF, a debitor credit and a debil or credit under BALANCE on every time. In CNOW, Item descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. 2. Jourmalize the transactions for April in a two-column joumal beginning on Page 18 Refer to the chart of accounts for the exact wording of the account files. CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered 3. Post to the leadows, extending the account balance to the appropriate balance column after each posting Post in chronological order For transactions occurring on the same day post in the order presented in the instructions, Insert the appropriate posting references in both the Journal and the ledger as each item is posted Record DATE, POST REF, a debitor credit and a debitor credit under BALANCE on every ine In CNOW Nem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In CNOW, Joumal pages do not begin with "J" For example journal page 10 POST REF is simply 10. Use a for beginning bulanons W the ending balance is 50, at least one botence amount should be so. 4. Prepare an unadiusted trial balance of the ledger as of April 30, 2087 6 Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Joumalize the correcting entry on April 30 Use page 20. (Note: You will not be required to post this entry to the ledger at this time) (c) Is this error a transposition or slide? JOURNAL Score: 215/230 ACCOUNTING EQUATION DESCRIPTION POST REF DETIT CREDIT ASSETS LAUTES EGUNTY DATE Apr. 1Rent Expense 6,500.00 Cash 6,500.00 2 3 2,500.00 + 2,300.00 4 5 1 6,000.00 Apr.2 Office Supplies Accounts Payable Apr 5 Prepaid Insurance Cash Apr 10 Cash Accounts Receivable Apr 15 Land 6 6,000.00 1 7 1 52,300.00 52,300.00 1 1 9 200,000.00 10 Cash 50,000.00 170,000.00 11 Notes Payable Apr. 17 Accounts Payable 6,450.00 12 3 Cash 6,450.00 325.00 14 525.00 11 Apr. 20 Accounts Payable Office Supplies Apt. 23 Advertising Expense Cash 4,300.00 430000 17 JOURNAL Score: 175/100 ACCOUNTING EQUATION POST RET DET CREDIT LATES SUITY 2,500.00 1 1 2,500.00 1 2 DATE DESTION Apr 27 Cash Salary and Commission Expense Apr 28 Automobile Expense Gash 1,500.00 3 1,500.00 1 4 1.400.00 5 Apr.29 Miscellaneous Expense Cash 1,400.00 1 57,000.00 T Apr 30 Accounts Receivable Fees Eamed 57,000.00 9 11,900,00 Apr 30 Salary and Commission Expense Cash 11,900.00 10 4,000.00 11 Apr 30 Lester Wagner, Drawing Cash 4,000.00 10,000.00 13 Apr 30 Cash 10,000.00 Score: 8/501 LEDGER Account No. 11 Account Cash BALANCE ITEM DATE POST RIF DET CREDIT DEBIT CREDIT 1 Apx 1" Balance 2 3 Account Accounts Receivable Account No. 12 BALANCE DATE TA POST DOIT CREDIT Account: Accounts Receivable Account No. 12 30 DATE ITEM POST REF DET CREDIT FAROE DEBET 2 Account: Prepaid Insurance Account No. 13 BALANCE DATE ITEM POST. RET DEBIT CREDIT DEBIT CREDIT 1 2 Account: Office Supplies Account No. 14 DATE BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 1 2 3 Account: Land Account No. 16 DATE BALANCE POST. REF: ITEM DEBIT CREDIT DEBIT CREDIT 1 Account Accounts Payable Account No. 21 Account Accounts Payable Act21 bo POST DENT CH G 1 2 Account Unearned Rent Account No 22 OL ITEM POSER DERIT BALANCE CREDIT DET CREDIT Account Notes Payable Account Ho23 DATE ITUM BALANCE POST. REF DEBET CREDIT DERIT CREDIT 1 Account: Lester Wigner, Capital Account No. 31 DATE ITEM POST. REF BALANCE DET CREDIT DEBIT CREDIT 1 Account: Lester Wagner, Drawing Account No. 32 DATE ITEM POST. REF DEBIT CREDIT BALANCE DEBIT CREDIT Account No. 32 Ledger Account Lester Wagner, Drawing BALANCE ITEM DENT POSTRE DET CREDIT DATE 1 2 Account No. 41 Account: Fees Earned BALANCE DENT POST. REE CREDIT DEBIT CREDET ITEM DATE 1 2 Account No. 51 Account: Salary and Commission Expense BALANCE DEBIT CREDIT POST. REF: ITEMA DATE CREDIT DEBIT 1 2 1 Account No. 52 Account Rent Expense BALANCE POST. REF: DEBIT CREDIT CREDIT ITEM DEBIT DATE : 2 Account No. 53 Account Advertising Expense Ledger Account No. 52 Part Account Rent Expense SWANGE CREDIT CREDIT TILM POSLE DATE 2 Account No. 53 Account Advertising Expense KANCE CREDIT CREDIT POST REF ITTM DATE 2 Account No. 54 Account Automobile Expedie BALANCE CREDIT DENT POSTRE ITEM DATE DEBIT CREDIT 1 2 Account No. 59 Account Miscellaneous Experts POSTRO ITEM CREDIT DEBIT DATE CREDIT BCOIT Print RE: 176 UNADJUSTED TRIAL BALANCE April 30, 2017 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent 8 Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Eamed 12 Salary and Commission Expense 13 Rent Expense 14 Advertising Expense 15 Automobile Expense 16 Miscellaneous Expense 17 Totals 5. Assume that the Art 30 ction for and commission should have been $19, 100 T (Why did the addral balance in (4) balance? Por 011 (Jumate the correcting entry on April 30. the page 20. (Note: You will not be required to post this entry to the Rediger at this time Refer to the chart of accounts for the exact wording of the account CNOW jumale do not use Ines for journal explanations Every Me on a journal page is used for debt or creditentes CNOW journals wat automatically indent a credit and when credit amount is end Question et attempted NE JOURNAL Score: 0/2 ACCOUNTINO COUATION STION PORCE CHIT CRROT ASSETS LISTES TY Points 015 (C) this for a scoston or side? UNADJUSTED TRIAL BALANCE March 31, 2017 ACCOUNT TTLE DEBIT CREDIT 1 Cash 26,300.00 2 Accounts Receivable 61,500.00 3 Prepaid Insurance 3,000.00 4 Office Supplies 1,800.00 5 Land 6 Accounts Payable 14,000.00 7 Unearned Rent & Notes Payable 46,000.00 9 Lester Wagner , Capital 10 Lester Wagner, Drawing 2,000.00 11 Fees Eamed 240,000.00 12 Salary and Commission Expense 148,200.00 50,000.00 13 Rent Expense * Advertising Expense 17,800.00 15 Automobile Expense 5,500.00 16 Miscellaneous Expense 3,900.00 17 Totals The following business transactions were completed by Elite Realty during April 2017. Enter the transactions through the 23rd on Page 18 of the two column journal Apr. 1 Paid rent on office for month, $3,500. 2 5 10 15 Purchased office supplies on account, $2,300 Paid insurance premiums, $8,000. Received cash from clients on account, $52,300 Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder. Paid creditors on account, 58,450 Retured a portion of the office supplies purchased on April 2. receiving full credit for their cost, $325. Paid advertising expense, $4,300. 17 20 23 Enter the following transactions on Page 19 of the two-column joumat: Apr. 27 Discovered an error in computing a commission received cash from the salesperson for the overpayment, $2,500 28 Paid automobile expense (including rental charges for an automobile), S1,500 29 Paid miscellaneous expenses. 51,400 30 Recorded revenue earned and billed to clients during the month, 557,000 30 Paid salaries and commissions for the month, $11.900. 30 Withdrew cash for personal use, 4,000 30 Rented and purchased on April 15 to local merchants association for use as a pa lot in May and June, during a street rebuilding program, received advance payment of $10,000. Required: 1. Record the April 1, 2017, balance of each account in the appropriate balance column of a four-column account. Record DATE, ITEM, POST REF, a debitor credit and a debil or credit under BALANCE on every time. In CNOW, Item descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. 2. Jourmalize the transactions for April in a two-column joumal beginning on Page 18 Refer to the chart of accounts for the exact wording of the account files. CNOW joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered 3. Post to the leadows, extending the account balance to the appropriate balance column after each posting Post in chronological order For transactions occurring on the same day post in the order presented in the instructions, Insert the appropriate posting references in both the Journal and the ledger as each item is posted Record DATE, POST REF, a debitor credit and a debitor credit under BALANCE on every ine In CNOW Nem descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In CNOW, Joumal pages do not begin with "J" For example journal page 10 POST REF is simply 10. Use a for beginning bulanons W the ending balance is 50, at least one botence amount should be so. 4. Prepare an unadiusted trial balance of the ledger as of April 30, 2087 6 Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Joumalize the correcting entry on April 30 Use page 20. (Note: You will not be required to post this entry to the ledger at this time) (c) Is this error a transposition or slide? JOURNAL Score: 215/230 ACCOUNTING EQUATION DESCRIPTION POST REF DETIT CREDIT ASSETS LAUTES EGUNTY DATE Apr. 1Rent Expense 6,500.00 Cash 6,500.00 2 3 2,500.00 + 2,300.00 4 5 1 6,000.00 Apr.2 Office Supplies Accounts Payable Apr 5 Prepaid Insurance Cash Apr 10 Cash Accounts Receivable Apr 15 Land 6 6,000.00 1 7 1 52,300.00 52,300.00 1 1 9 200,000.00 10 Cash 50,000.00 170,000.00 11 Notes Payable Apr. 17 Accounts Payable 6,450.00 12 3 Cash 6,450.00 325.00 14 525.00 11 Apr. 20 Accounts Payable Office Supplies Apt. 23 Advertising Expense Cash 4,300.00 430000 17 JOURNAL Score: 175/100 ACCOUNTING EQUATION POST RET DET CREDIT LATES SUITY 2,500.00 1 1 2,500.00 1 2 DATE DESTION Apr 27 Cash Salary and Commission Expense Apr 28 Automobile Expense Gash 1,500.00 3 1,500.00 1 4 1.400.00 5 Apr.29 Miscellaneous Expense Cash 1,400.00 1 57,000.00 T Apr 30 Accounts Receivable Fees Eamed 57,000.00 9 11,900,00 Apr 30 Salary and Commission Expense Cash 11,900.00 10 4,000.00 11 Apr 30 Lester Wagner, Drawing Cash 4,000.00 10,000.00 13 Apr 30 Cash 10,000.00 Score: 8/501 LEDGER Account No. 11 Account Cash BALANCE ITEM DATE POST RIF DET CREDIT DEBIT CREDIT 1 Apx 1" Balance 2 3 Account Accounts Receivable Account No. 12 BALANCE DATE TA POST DOIT CREDIT Account: Accounts Receivable Account No. 12 30 DATE ITEM POST REF DET CREDIT FAROE DEBET 2 Account: Prepaid Insurance Account No. 13 BALANCE DATE ITEM POST. RET DEBIT CREDIT DEBIT CREDIT 1 2 Account: Office Supplies Account No. 14 DATE BALANCE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT 1 2 3 Account: Land Account No. 16 DATE BALANCE POST. REF: ITEM DEBIT CREDIT DEBIT CREDIT 1 Account Accounts Payable Account No. 21 Account Accounts Payable Act21 bo POST DENT CH G 1 2 Account Unearned Rent Account No 22 OL ITEM POSER DERIT BALANCE CREDIT DET CREDIT Account Notes Payable Account Ho23 DATE ITUM BALANCE POST. REF DEBET CREDIT DERIT CREDIT 1 Account: Lester Wigner, Capital Account No. 31 DATE ITEM POST. REF BALANCE DET CREDIT DEBIT CREDIT 1 Account: Lester Wagner, Drawing Account No. 32 DATE ITEM POST. REF DEBIT CREDIT BALANCE DEBIT CREDIT Account No. 32 Ledger Account Lester Wagner, Drawing BALANCE ITEM DENT POSTRE DET CREDIT DATE 1 2 Account No. 41 Account: Fees Earned BALANCE DENT POST. REE CREDIT DEBIT CREDET ITEM DATE 1 2 Account No. 51 Account: Salary and Commission Expense BALANCE DEBIT CREDIT POST. REF: ITEMA DATE CREDIT DEBIT 1 2 1 Account No. 52 Account Rent Expense BALANCE POST. REF: DEBIT CREDIT CREDIT ITEM DEBIT DATE : 2 Account No. 53 Account Advertising Expense Ledger Account No. 52 Part Account Rent Expense SWANGE CREDIT CREDIT TILM POSLE DATE 2 Account No. 53 Account Advertising Expense KANCE CREDIT CREDIT POST REF ITTM DATE 2 Account No. 54 Account Automobile Expedie BALANCE CREDIT DENT POSTRE ITEM DATE DEBIT CREDIT 1 2 Account No. 59 Account Miscellaneous Experts POSTRO ITEM CREDIT DEBIT DATE CREDIT BCOIT Print RE: 176 UNADJUSTED TRIAL BALANCE April 30, 2017 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent 8 Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Eamed 12 Salary and Commission Expense 13 Rent Expense 14 Advertising Expense 15 Automobile Expense 16 Miscellaneous Expense 17 Totals 5. Assume that the Art 30 ction for and commission should have been $19, 100 T (Why did the addral balance in (4) balance? Por 011 (Jumate the correcting entry on April 30. the page 20. (Note: You will not be required to post this entry to the Rediger at this time Refer to the chart of accounts for the exact wording of the account CNOW jumale do not use Ines for journal explanations Every Me on a journal page is used for debt or creditentes CNOW journals wat automatically indent a credit and when credit amount is end Question et attempted NE JOURNAL Score: 0/2 ACCOUNTINO COUATION STION PORCE CHIT CRROT ASSETS LISTES TY Points 015 (C) this for a scoston or side