1 Cash 2 Accounts Receivable 3 Prepaid Insurance Elite Realty UNADJUSTED TRIAL BALANCE March 31, 20Y3...

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1 Cash 2 Accounts Receivable 3 Prepaid Insurance Elite Realty UNADJUSTED TRIAL BALANCE March 31, 20Y3 ACCOUNT TITLE DEBIT CREDIT 26,400.00 60,200.00 3,000.00 4 Office Supplies 2,000.00 5 Accounts Payable 13,000.00 6 Common Stock 10,000.00 7 Retained Earnings 37,300.00 8 Dividends 1,600.00 9 Fees Earned 233,300.00 10 Salary and Commission Expense 147,100.00 11 Rent Expense 27,000.00 12 Advertising Expense 16,400.00 13 Automobile Expense 5,800.00 14 Miscellaneous Expense 4,100.00 15 Totals 293,600.00 293,600.00 Account: Cash Account: Accounts Receivable Account: Prepaid Insurance Account: Office Supplies Account: Land Account: Accounts Payable Account: Unearned Rent Account: Notes Payable Account: Common Stock Account: Retained Earnings Account: Dividends LEDGER Account: Fees Earned Account: Salary and Commission Expense Account: Rent Expense Account: Advertising Expense Account: Automobile Expense Account: Miscellaneous Expense A 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent Elite Realty UNADJUSTED TRIAL BALANCE April 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 7 Unearned Rent 8 Notes Payable 9 Common Stock 10 Retained Earnings 11 Dividends 12 Fees Earned 13 Salary and Commission Expense 14 Rent Expense 15 Advertising Expense 16 Automobile Expense 17 Miscellaneous Fynense 17 Miscellaneous Expense 18 Totals 1. Required: Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. 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, 20Y3. 5. Assume that the April 30 transaction for salaries and commissions should have been $16,500. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize 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? Apr. 27 Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $2,200. 28 Paid automobile expense (including rental charges for an automobile), $1,200. 29 Paid miscellaneous expenses, $1,400. 30 Recorded revenue earned and billed to clients during the month, $56,000. 30 Paid salaries and commissions for the month, $15,600. 30 Paid dividends, $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 $9,400. Apr. 1 Paid rent on office for month, $4,500. 2 Purchased office supplies on account, $2,200. 5 Paid insurance premiums, $6,300. 10 Received cash from clients on account, $52,800. 15 Purchased land for a future building site for $242,500, paying $20,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,000 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $380. 23 Paid advertising expense, $4,050. 1 Cash 2 Accounts Receivable 3 Prepaid Insurance Elite Realty UNADJUSTED TRIAL BALANCE March 31, 20Y3 ACCOUNT TITLE DEBIT CREDIT 26,400.00 60,200.00 3,000.00 4 Office Supplies 2,000.00 5 Accounts Payable 13,000.00 6 Common Stock 10,000.00 7 Retained Earnings 37,300.00 8 Dividends 1,600.00 9 Fees Earned 233,300.00 10 Salary and Commission Expense 147,100.00 11 Rent Expense 27,000.00 12 Advertising Expense 16,400.00 13 Automobile Expense 5,800.00 14 Miscellaneous Expense 4,100.00 15 Totals 293,600.00 293,600.00 Account: Cash Account: Accounts Receivable Account: Prepaid Insurance Account: Office Supplies Account: Land Account: Accounts Payable Account: Unearned Rent Account: Notes Payable Account: Common Stock Account: Retained Earnings Account: Dividends LEDGER Account: Fees Earned Account: Salary and Commission Expense Account: Rent Expense Account: Advertising Expense Account: Automobile Expense Account: Miscellaneous Expense A 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent Elite Realty UNADJUSTED TRIAL BALANCE April 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 7 Unearned Rent 8 Notes Payable 9 Common Stock 10 Retained Earnings 11 Dividends 12 Fees Earned 13 Salary and Commission Expense 14 Rent Expense 15 Advertising Expense 16 Automobile Expense 17 Miscellaneous Fynense 17 Miscellaneous Expense 18 Totals 1. Required: Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. 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, 20Y3. 5. Assume that the April 30 transaction for salaries and commissions should have been $16,500. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize 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? Apr. 27 Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $2,200. 28 Paid automobile expense (including rental charges for an automobile), $1,200. 29 Paid miscellaneous expenses, $1,400. 30 Recorded revenue earned and billed to clients during the month, $56,000. 30 Paid salaries and commissions for the month, $15,600. 30 Paid dividends, $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 $9,400. Apr. 1 Paid rent on office for month, $4,500. 2 Purchased office supplies on account, $2,200. 5 Paid insurance premiums, $6,300. 10 Received cash from clients on account, $52,800. 15 Purchased land for a future building site for $242,500, paying $20,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,000 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $380. 23 Paid advertising expense, $4,050.