Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y3, follows: Elite Realty UNADJUSTED TRIAL BALANCE March 31, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 26,700.00 2 Accounts Receivable 59,100.00 3 Prepaid Insurance 3,500.00 4 Office Supplies 1,500.00 5 Accounts Payable 13,300.00 6 Common Stock 10,000.00 7 Retained Earnings 38,000.00 8 Dividends 1,500.00 9 Fees Earned 232,500.00 10 Salary and Commission Expense 147,700.00 11 Rent Expense 28,000.00 12 Advertising Expense 17,700.00 13 Automobile Expense 4,200.00 14 Miscellaneous Expense 3,900.00 15 Totals 293,800.00 293,800.00 The following business transactions were completed by Elite Realty during April 20Y3. Enter the transactions through the 23rd on Page 18 of the two-column joul Apr. 1 Paid rent on office for month, $3,500. 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $5,900. 10 Received cash from clients on account, $52,400. 15 Purchased land for a future building site for $208,500, paying $26,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,250 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $350. 23 Paid advertising expense, $4,050.
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y3, follows: Elite Realty UNADJUSTED TRIAL BALANCE March 31, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 26,700.00 2 Accounts Receivable 59,100.00 3 Prepaid Insurance 3,500.00 4 Office Supplies 1,500.00 5 Accounts Payable 13,300.00 6 Common Stock 10,000.00 7 Retained Earnings 38,000.00 8 Dividends 1,500.00 9 Fees Earned 232,500.00 10 Salary and Commission Expense 147,700.00 11 Rent Expense 28,000.00 12 Advertising Expense 17,700.00 13 Automobile Expense 4,200.00 14 Miscellaneous Expense 3,900.00 15 Totals 293,800.00 293,800.00 The following business transactions were completed by Elite Realty during April 20Y3. Enter the transactions through the 23rd on Page 18 of the two-column joul Apr. 1 Paid rent on office for month, $3,500. 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $5,900. 10 Received cash from clients on account, $52,400. 15 Purchased land for a future building site for $208,500, paying $26,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,250 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $350. 23 Paid advertising expense, $4,050.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 4PA: Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted...
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Question
4. Prepare an unadjusted trial balance of the ledger as of April 30, 20Y3.
Elite Realty
UNADJUSTED TRIAL BALANCE
April 30, 20Y3
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1
|
Cash
|
|
|
2
|
|
|
|
3
|
Prepaid Insurance
|
|
|
4
|
Office Supplies
|
|
|
5
|
Land
|
|
|
6
|
Accounts Payable
|
|
|
7
|
Unearned Rent
|
|
|
8
|
Notes Payable
|
|
|
9
|
Common Stock
|
|
|
10
|
|
|
|
11
|
Dividends
|
|
|
12
|
Fees Earned
|
|
|
13
|
Salary and Commission Expense
|
|
|
14
|
Rent Expense
|
|
|
15
|
Advertising Expense
|
|
|
16
|
Automobile Expense
|
|
|
17
|
Miscellaneous Expense
|
|
|
18
|
Totals
|
|
|
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