During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming that the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.b. On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming that the October 31 balance was $130,770, determine the fees billed to customers on account during October.c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April.
During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming that the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.
b. On October 1, the
c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April.
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Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted
| Elite Realty | |||
| Unadjusted Trial Balance | |||
| March 31, 2019 | |||
| Account No. |
Debit Balances |
Credit Balances |
|
| 11 | Cash | 10,990 | |
| 12 | 25,590 | ||
| 13 | Prepaid Insurance | 1,250 | |
| 14 | Office Supplies | 750 | |
| 16 | Land | — | |
| 21 | Accounts Payable | 7,240 | |
| 22 | Unearned Rent | — | |
| 23 | Notes Payable | — | |
| 31 | Lester Wagner, Capital | 22,500 | |
| 32 | Lester Wagner, Drawing | 870 | |
| 41 | Fees Earned | 124,840 | |
| 51 | Salary and Commission Expense | 91,410 | |
| 52 | Rent Expense | 12,480 | |
| 53 | Advertising Expense | 7,370 | |
| 54 | Automobile Expense | 2,250 | |
| 59 | Miscellaneous Expense | 1,620 | |
| 154,580 | 154,580 |
The following business transactions were completed by Elite Realty during April 2019:
Enter the following transactions on Page 18 of the two-column journal.
| Apr. 1. | Paid rent on office for month, $4,200. |
| 2. | Purchased office supplies on account, $1,090. |
| 5. | Paid insurance premiums, $3,020. |
| 10. | Received cash from clients on account, $20,980. |
| 15. | Purchased land for a future building site for $75,500, paying $8,300 in cash |
| and giving a note payable for the remainder. | |
| 17. | Paid creditors on account, $3,780. |
| 20. | Returned a portion of the office supplies purchased on April 2, receiving |
| full credit for their cost, $170. | |
| 23. | Paid advertising expense, $1,680. |
| Enter the following transactions on Page 19 of the two-column journal. | |
| 27. | Discovered an error in computing a commission; received cash from the sales person |
| for the overpayment, $840. | |
| 28. | Paid automobile expense (including rental charges for an automobile), $1,260. |
| 29. | Paid miscellaneous expenses, $380. |
| 30. | Recorded revenue earned and billed to clients during the month, $25,180. |
| 30. | Paid salaries and commissions for the month, $5,460. |
| 30. | Withdrew cash for personal use, $840. |
| 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 $2,520. |
Question Content Area
Required:
Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.
1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account. The word Balance has been entered in the item section and a check mark (√) has been placed in the Posting Reference column.
2. Journalize and insert the posting reference for the transactions for April in a two-column journal beginning on Page 18.
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