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CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14...

CHART OF ACCOUNTS

Elite RealtyGeneral Ledger

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

Elite Realty acts as an agent in buying, selling, renting, and managing 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 Elite Realty during April 2018. Enter the transactions through the 23rd on 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-column journal:

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), $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 merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of $10,000.
Required:

Post to the ledger, 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.

1. Record the April 1, 2018, 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. 3. Post to the ledger, 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.

LEDGER

Account: Cash11Account No.

Account: Accounts Receivable12Account No.

Account: Prepaid Insurance13Account No.

Account: Office Supplies14Account No.

Account: Land16Account No.

Account: Accounts Payable21Account No.

Account: Unearned Rent22Account No.

Account: Notes Payable23Account No.

Account: Common Stock31Account No.

Account: Retained Earnings32Account No.

Account: Dividends33Account No.

Account: Fees Earned41Account No.

Account: Salary and Commission Expense51Account No.

Account: Rent Expense52Account No.

Account: Advertising Expense53Account No.

Account: Automobile Expense54Account No.

Account: Miscellaneous Expense59Account No.

Solutions

Expert Solution

Journal Entries
Date Account Title Debit Credit
Apr. 1 Rent expense 5500
Cash 5500
2-Apr Office Supplies 2300
Accounts Payable 2300
5-Apr Insurance expense 5000
Cash 5000
10-Apr Cash 59000
Accounts Receivable 59000
15-Apr Land 203000
Cash 27000
Notes Payable 176000
Apr. 17 Accounts Payable 6050
Cash 6050
20-Apr Accounts Payable 370
Office Supplies 370
23-Apr Advertising Expense 4000
Cash 4000
27-Apr Cash 2500
Salary and Commission Expense 2500
28-Apr Automobile Expense 1800
Cash 1800
29-Apr Miscellaneous Expense 1800
Cash 1800
30-Apr Accounts receivable 58000
Fees Earned 58000
Salary and Commission Expense 11900
Accounts Payable 11900
Dividends 4000
Cash 4000
Cash 10000
Unearned Rent 10000
375220 375220
LEDGER ACCOUNTS Net Ledger Balances
Date Account Title Debit Credit Debit Credit
1-Apr Beginning balance 13700
2-Apr Accounts Payable 2300
Apr. 17 Accounts Payable 6050
20-Apr Accounts Payable 370
30-Apr Salary and Commission Expense 11900 21480
1-Apr Beginning balance 59000
10-Apr Accounts Receivable 59000
30-Apr Accounts receivable 58000 58000
1-Apr Beginning balance 17600
23-Apr Advertising Expense 4000 21600
1-Apr Beginning balance 4400
28-Apr Automobile Expense 1800 6200
1-Apr Beginning balance 25100
Apr. 1 Cash 5500
5-Apr Cash 5000
10-Apr Cash 59000
15-Apr Cash 27000
Apr. 17 Cash 6050
23-Apr Cash 4000
27-Apr Cash 2500
28-Apr Cash 1800
29-Apr Cash 1800
30-Apr Cash 4000
30-Apr Cash 10000 41450
1-Apr Common stock 10000 10000
1-Apr Beginning balance--Dividends 1500
30-Apr Cash 4000 5500
1-Apr Beginning balance 226400
30-Apr Fees Earned 58000 284400
5-Apr Insurance expense 5000 5000
15-Apr Land 203000 203000
1-Apr Beginning balance 4100
29-Apr Miscellaneous Expense 1800 5900
15-Apr Notes Payable 176000 176000
Prepaid Insurance 3,300.00 3300
1-Apr Beginning balance 2500
2-Apr Office Supplies 2300
20-Apr Office Supplies 370 4430
1-Apr Beginning balance 25000
Apr. 1 Rent expense 5500 30500
Apr. 1 Beginning bal.-Retained Earnings 37400 37400
Apr. 1 Beginning balance 145000
27-Apr Salary and Commission Expense 2500
30-Apr Salary and Commission Expense 11900 154400
30-Apr Unearned Rent 10000 10000
662720 662720 539280 539280
TRIAL BALance as at Apr. 30
ACCOUNT TITLE DEBIT CREDIT
Cash 41,450
Accounts Receivable 58,000
Prepaid Insurance 3,300
Office Supplies 4,430
Land 203,000
Accounts Payable 21,480
Unearned Rent 10,000
Common Stock 10,000
Retained Earnings 37,400
Notes payable 176,000
Dividends 5,500
Fees Earned 284,400
Salary and Commission Expense 154,400
Rent Expense 30,500
Advertising Expense 21,600
Automobile Expense 6,200
Miscellaneous Expense 5,900
Insurance expense 5,000
Totals 539,280 539,280

ekkarill92 answered 2 years ago
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