Journal Entries and Trial Balance Orange Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 20Y4, is shown next. ORANGE REALTY Trial Balance October 31, 20Y4 Debit Balances Credit Balances Cash 16,960 Accounts Receivable 34,900 Prepaid Insurance 3,600 Office Supplies 800 Land - Accounts Payable 4,960 Unearned Rent - Notes Payable - Common Stock 5,000 Retained Earnings 26,540 Dividends 12,800 Fees Earned 176,000 Salary and Commission Expense 112,000 Rent Expense 14,000 Advertising Expense 11,440 Automobile Expense 5,120 Miscellaneous Expense 880 212,500 212,500 The following business transactions were completed by Orange Realty during November 20Y4: Nov. 1 Purchased office supplies on account, $1,050. 2 Paid rent on office for month, $2,000. 3 Received cash from clients on account, $22,300. 5 Paid annual insurance premiums, $2,850. 9 Returned a portion of the office supplies purchased on November 1, receiving full credit for their cost, $200. 17 Paid advertising expense, $2,750. 23 Paid creditors on account, $2,475. 29 Paid miscellaneous expenses, $250. 30 Paid automobile expense (including rental charges for an automobile), $750. 30 Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $500. 30 Paid salaries and commissions for the month, $13,900. 30 Recorded revenue earned and billed to clients during the month, $41,500. 30 Purchased land for a future building site for $37,500, paying $5,000 in cash and giving a note payable for the remainder. 30 Paid dividends, $2,500. 30 Rented land purchased on November 30 to a local university for use as a parking lot for athletic events; received advance payment of $1,800. Required: 1. Journalize the transactions for November in a two-column journal. If an amount box does not require an entry, leave the box blank. Nov. 1 Office Supplies fill in the blank aaeec5f72fc203b_2 Accounts Payable fill in the blank aaeec5f72fc203b_4 Nov. 2 Rent Expense fill in the blank aaeec5f72fc203b_6 Cash fill in the blank aaeec5f72fc203b_8 Nov. 3 Cash fill in the blank aaeec5f72fc203b_10 Accounts Receivable fill in the blank aaeec5f72fc203b_12 Nov. 5 Prepaid Insurance fill in the blank aaeec5f72fc203b_14 Cash fill in the blank aaeec5f72fc203b_16 Nov. 9 Accounts Payable fill in the blank aaeec5f72fc203b_18 Office Supplies fill in the blank aaeec5f72fc203b_20 Nov. 17 Advertising Expense fill in the blank aaeec5f72fc203b_22 Cash fill in the blank aaeec5f72fc203b_24 Nov. 23 Accounts Payable fill in the blank aaeec5f72fc203b_26 Cash fill in the blank aaeec5f72fc203b_28 Nov. 29 Miscellaneous Expense fill in the blank aaeec5f72fc203b_30 Cash fill in the blank aaeec5f72fc203b_32 Nov. 30 Automobile Expense fill in the blank aaeec5f72fc203b_34 Cash fill in the blank aaeec5f72fc203b_36 Nov. 30 Cash fill in the blank aaeec5f72fc203b_38 Salary and Commission Expense fill in the blank aaeec5f72fc203b_40 Nov. 30 Salary and Commission Expense fill in the blank aaeec5f72fc203b_42 Cash fill in the blank aaeec5f72fc203b_44 Nov. 30 Accounts Receivable fill in the blank aaeec5f72fc203b_46 Fees Earned fill in the blank aaeec5f72fc203b_48 Nov. 30 Land fill in the blank aaeec5f72fc203b_50 fill in the blank aaeec5f72fc203b_51 Cash fill in the blank aaeec5f72fc203b_53 fill in the blank aaeec5f72fc203b_54 Notes Payable fill in the blank aaeec5f72fc203b_56 fill in the blank aaeec5f72fc203b_57 Nov. 30 Dividends fill in the blank aaeec5f72fc203b_59 Cash fill in the blank aaeec5f72fc203b_61 Nov. 30 Cash fill in the blank aaeec5f72fc203b_63 Unearned Rent fill in the blank aaeec5f72fc203b_65

Journal Entries and Trial Balance Orange Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 20Y4, is shown next. ORANGE REALTY Trial Balance October 31, 20Y4 Debit Balances Credit Balances Cash 16,960 Accounts Receivable 34,900 Prepaid Insurance 3,600 Office Supplies 800 Land - Accounts Payable 4,960 Unearned Rent - Notes Payable - Common Stock 5,000 Retained Earnings 26,540 Dividends 12,800 Fees Earned 176,000 Salary and Commission Expense 112,000 Rent Expense 14,000 Advertising Expense 11,440 Automobile Expense 5,120 Miscellaneous Expense 880 212,500 212,500 The following business transactions were completed by Orange Realty during November 20Y4: Nov. 1 Purchased office supplies on account, $1,050. 2 Paid rent on office for month, $2,000. 3 Received cash from clients on account, $22,300. 5 Paid annual insurance premiums, $2,850. 9 Returned a portion of the office supplies purchased on November 1, receiving full credit for their cost, $200. 17 Paid advertising expense, $2,750. 23 Paid creditors on account, $2,475. 29 Paid miscellaneous expenses, $250. 30 Paid automobile expense (including rental charges for an automobile), $750. 30 Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $500. 30 Paid salaries and commissions for the month, $13,900. 30 Recorded revenue earned and billed to clients during the month, $41,500. 30 Purchased land for a future building site for $37,500, paying $5,000 in cash and giving a note payable for the remainder. 30 Paid dividends, $2,500. 30 Rented land purchased on November 30 to a local university for use as a parking lot for athletic events; received advance payment of $1,800. Required: 1. Journalize the transactions for November in a two-column journal. If an amount box does not require an entry, leave the box blank. Nov. 1 Office Supplies fill in the blank aaeec5f72fc203b_2 Accounts Payable fill in the blank aaeec5f72fc203b_4 Nov. 2 Rent Expense fill in the blank aaeec5f72fc203b_6 Cash fill in the blank aaeec5f72fc203b_8 Nov. 3 Cash fill in the blank aaeec5f72fc203b_10 Accounts Receivable fill in the blank aaeec5f72fc203b_12 Nov. 5 Prepaid Insurance fill in the blank aaeec5f72fc203b_14 Cash fill in the blank aaeec5f72fc203b_16 Nov. 9 Accounts Payable fill in the blank aaeec5f72fc203b_18 Office Supplies fill in the blank aaeec5f72fc203b_20 Nov. 17 Advertising Expense fill in the blank aaeec5f72fc203b_22 Cash fill in the blank aaeec5f72fc203b_24 Nov. 23 Accounts Payable fill in the blank aaeec5f72fc203b_26 Cash fill in the blank aaeec5f72fc203b_28 Nov. 29 Miscellaneous Expense fill in the blank aaeec5f72fc203b_30 Cash fill in the blank aaeec5f72fc203b_32 Nov. 30 Automobile Expense fill in the blank aaeec5f72fc203b_34 Cash fill in the blank aaeec5f72fc203b_36 Nov. 30 Cash fill in the blank aaeec5f72fc203b_38 Salary and Commission Expense fill in the blank aaeec5f72fc203b_40 Nov. 30 Salary and Commission Expense fill in the blank aaeec5f72fc203b_42 Cash fill in the blank aaeec5f72fc203b_44 Nov. 30 Accounts Receivable fill in the blank aaeec5f72fc203b_46 Fees Earned fill in the blank aaeec5f72fc203b_48 Nov. 30 Land fill in the blank aaeec5f72fc203b_50 fill in the blank aaeec5f72fc203b_51 Cash fill in the blank aaeec5f72fc203b_53 fill in the blank aaeec5f72fc203b_54 Notes Payable fill in the blank aaeec5f72fc203b_56 fill in the blank aaeec5f72fc203b_57 Nov. 30 Dividends fill in the blank aaeec5f72fc203b_59 Cash fill in the blank aaeec5f72fc203b_61 Nov. 30 Cash fill in the blank aaeec5f72fc203b_63 Unearned Rent fill in the blank aaeec5f72fc203b_65

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 2PA: Journal entries and trial balance On October 1, 20Y6, Jay Crowley established Affordable Realty,...

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Journal Entries and Trial Balance

Orange Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 20Y4, is shown next.

ORANGE REALTY Trial Balance October 31, 20Y4
	Debit Balances	Credit Balances
Cash		16,960
Accounts Receivable		34,900
Prepaid Insurance		3,600
Office Supplies		800
Land		-
Accounts Payable			4,960
Unearned Rent			-
Notes Payable			-
Common Stock			5,000
Retained Earnings			26,540
Dividends		12,800
Fees Earned			176,000
Salary and Commission Expense		112,000
Rent Expense		14,000
Advertising Expense		11,440
Automobile Expense		5,120
Miscellaneous Expense		880
		212,500	212,500

The following business transactions were completed by Orange Realty during November 20Y4:

Nov.	1	Purchased office supplies on account, $1,050.
	2	Paid rent on office for month, $2,000.
	3	Received cash from clients on account, $22,300.
	5	Paid annual insurance premiums, $2,850.
	9	Returned a portion of the office supplies purchased on November 1, receiving full credit for their cost, $200.
	17	Paid advertising expense, $2,750.
	23	Paid creditors on account, $2,475.
	29	Paid miscellaneous expenses, $250.
	30	Paid automobile expense (including rental charges for an automobile), $750.
	30	Discovered an error in computing a commission; received cash from the salesperson for the overpayment, $500.
	30	Paid salaries and commissions for the month, $13,900.
	30	Recorded revenue earned and billed to clients during the month, $41,500.
	30	Purchased land for a future building site for $37,500, paying $5,000 in cash and giving a note payable for the remainder.
	30	Paid dividends, $2,500.
	30	Rented land purchased on November 30 to a local university for use as a parking lot for athletic events; received advance payment of $1,800.

Required:

1. Journalize the transactions for November in a two-column journal. If an amount box does not require an entry, leave the box blank.

Nov. 1	Office Supplies	fill in the blank aaeec5f72fc203b_2
	Accounts Payable		fill in the blank aaeec5f72fc203b_4
Nov. 2	Rent Expense	fill in the blank aaeec5f72fc203b_6
	Cash		fill in the blank aaeec5f72fc203b_8
Nov. 3	Cash	fill in the blank aaeec5f72fc203b_10
	Accounts Receivable		fill in the blank aaeec5f72fc203b_12
Nov. 5	Prepaid Insurance	fill in the blank aaeec5f72fc203b_14
	Cash		fill in the blank aaeec5f72fc203b_16
Nov. 9	Accounts Payable	fill in the blank aaeec5f72fc203b_18
	Office Supplies		fill in the blank aaeec5f72fc203b_20
Nov. 17	Advertising Expense	fill in the blank aaeec5f72fc203b_22
	Cash		fill in the blank aaeec5f72fc203b_24
Nov. 23	Accounts Payable	fill in the blank aaeec5f72fc203b_26
	Cash		fill in the blank aaeec5f72fc203b_28
Nov. 29	Miscellaneous Expense	fill in the blank aaeec5f72fc203b_30
	Cash		fill in the blank aaeec5f72fc203b_32
Nov. 30	Automobile Expense	fill in the blank aaeec5f72fc203b_34
	Cash		fill in the blank aaeec5f72fc203b_36
Nov. 30	Cash	fill in the blank aaeec5f72fc203b_38
	Salary and Commission Expense		fill in the blank aaeec5f72fc203b_40
Nov. 30	Salary and Commission Expense	fill in the blank aaeec5f72fc203b_42
	Cash		fill in the blank aaeec5f72fc203b_44
Nov. 30	Accounts Receivable	fill in the blank aaeec5f72fc203b_46
	Fees Earned		fill in the blank aaeec5f72fc203b_48
Nov. 30	Land	fill in the blank aaeec5f72fc203b_50	fill in the blank aaeec5f72fc203b_51
	Cash	fill in the blank aaeec5f72fc203b_53	fill in the blank aaeec5f72fc203b_54
	Notes Payable	fill in the blank aaeec5f72fc203b_56	fill in the blank aaeec5f72fc203b_57
Nov. 30	Dividends	fill in the blank aaeec5f72fc203b_59
	Cash		fill in the blank aaeec5f72fc203b_61
Nov. 30	Cash	fill in the blank aaeec5f72fc203b_63
	Unearned Rent		fill in the blank aaeec5f72fc203b_65

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