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Chaptar 2 Anavaing Thansactions PR 2-4A Joumal entries and trial balance Obi. 1, 2, 3,4 Flite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted of Debit c $532.525 trial balance on March 31, 2018, follows Elite Reality Accounts Receivable. Prepald Insurance... Office Supplies 1,000 Accounts Payable 14,000 Notes Payable, Common Stock Retained Earnings 10,000 Fees Earned Salary and Commission Expense Rent Expense Advertising Expense. Automobile Expense Miscellaneous Expense iti/ 1 140200 17 800 5,500 3,900 300000 300,000 The following basiness transactions were completed by Elite Realty during April 2018 Apr. 1. Paid rent on office for month, $6,500. 2. Purchased office supplies on account, $2,300 5. Paild insurance premiums, $6,000. 10. Recelved cash from clients on account, $52,300 15, Puschased land for a future building site for $200,000 paying $30.000 in cash and giving a note payable for the remainder 17. Paid creditors on account, $6450 20. Returned a portion of the office supples purchased on April 2, receiving full credint for their cost, $325 23. Paid advertising expense, $4,300. Enter the following transactions on Page 19 of the tuo-column journal 27. Discovered an error in computing a commission, recelved cash from the salesperson for the overpayment, $2,500 28. Paid automobile expense (including rental charges for an automobilel, $1,500 29. Paid miscellaneous expenses $1,400 30. Reconded revenue earned and billed to clients during the month, $57,000. 30. Paid salaries and commissions for the month, $11,900 30. Paid dividends, $4,000. 30. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebulding program; received advance payment of $10,000 Instructions 1. Record the April 1, 2018, halance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal 3. Post to the ledger, extending the account halance to the appropriate balance column after Posting Reference column entry explanations may be omitted. each posting 4. Prepare an unadjusted trial balance of the ledger as of Apail 30, 2018. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (A) Why did the unadjusted trial balance in (5) halance? (B) Journalize the correcting entry Is this error a transposition or slide? Chaptar 2 Anavaing Thansactions PR 2-4A Joumal entries and trial balance Obi. 1, 2, 3,4 Flite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted of Debit c $532.525 trial balance on March 31, 2018, follows Elite Reality Accounts Receivable. Prepald Insurance... Office Supplies 1,000 Accounts Payable 14,000 Notes Payable, Common Stock Retained Earnings 10,000 Fees Earned Salary and Commission Expense Rent Expense Advertising Expense. Automobile Expense Miscellaneous Expense iti/ 1 140200 17 800 5,500 3,900 300000 300,000 The following basiness transactions were completed by Elite Realty during April 2018 Apr. 1. Paid rent on office for month, $6,500. 2. Purchased office supplies on account, $2,300 5. Paild insurance premiums, $6,000. 10. Recelved cash from clients on account, $52,300 15, Puschased land for a future building site for $200,000 paying $30.000 in cash and giving a note payable for the remainder 17. Paid creditors on account, $6450 20. Returned a portion of the office supples purchased on April 2, receiving full credint for their cost, $325 23. Paid advertising expense, $4,300. Enter the following transactions on Page 19 of the tuo-column journal 27. Discovered an error in computing a commission, recelved cash from the salesperson for the overpayment, $2,500 28. Paid automobile expense (including rental charges for an automobilel, $1,500 29. Paid miscellaneous expenses $1,400 30. Reconded revenue earned and billed to clients during the month, $57,000. 30. Paid salaries and commissions for the month, $11,900 30. Paid dividends, $4,000. 30. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebulding program; received advance payment of $10,000 Instructions 1. Record the April 1, 2018, halance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal 3. Post to the ledger, extending the account halance to the appropriate balance column after Posting Reference column entry explanations may be omitted. each posting 4. Prepare an unadjusted trial balance of the ledger as of Apail 30, 2018. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (A) Why did the unadjusted trial balance in (5) halance? (B) Journalize the correcting entry Is this error a transposition or slide

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