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Journal Entries and Trial Balance Elite Realty acts as an agent in buying, selling, renting,...

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Accounting

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Journal Entries and Trial Balance Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2018, follows: Ellte Realty Unadjusted Trial Balance March 31, 2018 Account Debit Credit Balances Balances No. 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 Land 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 31 Common Stock 32 Retained Earnings 33 Dividends 41 Fees Earned 51 Salary and Commission Expense 52 Rent Expense 53 Advertising Expense 54 Automobile Expense 59 Miscellaneous Expense 12,540 29,210 1,420 850 8,260 10,000 9,900 1,000 142,470 108,540 14,250 8,410 2,560 1,850 180,630 180,630 The following business transactions were completed by Elite Realty during April 2018: Apr. 1. Paid rent on office for month, $4,670. 2. Purchased office supplies on account, $1,220. 5. Paid annual insurance premiums, $3,370 10. Received cash from clients on account, $23,370 15. Purchased land for a future building site for $84,100, paying $9,300 in cash and giving a note payable for the remainder 17. Paid creditors on account, $4,210

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