ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends

REVENUE 41 Fees Earned EXPENSES 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense

Complete a Ledger Account with the requirments stated.

Elite Realty acts as an agent in buying, selling, renting, andmanaging real estate. The unadjusted trial balance on March 31,2018, follows:

Elite Realty

UNADJUSTED TRIAL BALANCE

March 31, 2018

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	25,100.00
2	Accounts Receivable	59,000.00
3	Prepaid Insurance	3,300.00
4	Office Supplies	2,500.00
5	Accounts Payable		13,700.00
6	Common Stock		10,000.00
7	Retained Earnings		37,400.00
8	Dividends	1,500.00
9	Fees Earned		226,400.00
10	Salary and Commission Expense	145,000.00
11	Rent Expense	25,000.00
12	Advertising Expense	17,600.00
13	Automobile Expense	4,400.00
14	Miscellaneous Expense	4,100.00
15	Totals	287,500.00	287,500.00

The following business transactions were completed by EliteRealty during April 2018. Enter the transactions through the 23rdon Page 18 of the two-column journal:

Apr.	1	Paid rent on office for month, $5,500.
	2	Purchased office supplies on account, $2,300.
	5	Paid insurance premiums, $5,000.
	10	Received cash from clients on account, $52,800.
	15	Purchased land for a future building site for $203,000, paying$27,000 in cash and giving a note payable for the remainder.
	17	Paid creditors on account, $6,050
	20	Returned a portion of the office supplies purchased on April 2,receiving full credit for their cost, $370.
	23	Paid advertising expense, $4,000.

Enter the following transactions on Page 19 of the two-columnjournal:

Apr.	27	Discovered an error in computing a commission; received cashfrom the salesperson for the overpayment, $2,500.
	28	Paid automobile expense (including rental charges for anautomobile), $1,800.
	29	Paid miscellaneous expenses, $1,800.
	30	Recorded revenue earned and billed to clients during the month,$58,000.
	30	Paid salaries and commissions for the month, $11,900.
	30	Paid dividends, $4,000.
	30	Rented land purchased on April 15 to local merchantsassociation for use as a parking lot in May and June, during astreet rebuilding program; received advance payment of$10,000.

	Required:
1.	Record the April 1, 2018, balance of each account in theappropriate balance column of a four-column account, type Balancein the item section, and select a check mark in the PostingReference column.
2.	Journalize the transactions for April in a two-column journalbeginning on Page 18. Refer to the Chart of Accounts for exactwording of account titles. Insert the appropriate postingreferences in both the journal and the ledger as each item isposted.
3.	Post to the ledger, extending the account balance to theappropriate balance column after each posting. Post inchronological order. For transactions occurring on the same day,post in the order presented in the instructions. Insert theappropriate posting references in both the journal and the ledgeras each item is posted.
4.	Prepare an unadjusted trial balance of the ledger as of April30, 2018.
5.	Assume that the April 30 transaction for salaries andcommissions should have been $19,100. (a) Why did the unadjustedtrial balance in (4) balance? (b) Journalize the correcting entryon April 30. Use page 20. (Note: You will not be required to postthis entry to the ledger at this time.) (c) Is this error atransposition or slide?