l Verizon 6:50 AM AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Learning eBook Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions The following business transactions were completed by Elite Realty during April 2019. Enter the transactions through the 23rd on Page 18 of the two-column journal. Paid rent on office for month, $6,500. Apr. 1 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $6,000. 10 Received cash from clients on account, $52,300. Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note 15 payable for the remainder. Paid creditors on account, $6,450. 17 Retuned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. 23 Paid advertising expense, $4,300. Enter the following transactions on Page 19 of the two-column journal: Discovered an error in computing a commission; received cash from the salesperson for the Apr. 27 overpayment, $2,500 28 Paid automobile expense (including rental charges for an automobile), $1,500. Paid miscellaneous expenses, $1,400. 29 30 Recorded revenue earned and billed to clients during the month, $57,000. 30 Paid salaries and commissions for the month, $11,900. 30 Withdrew cash for personal use, $4,000. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and 30 June, during a street rebuilding program; received advance payment of $10,000. Required: 1. Record the April 1, 2019, 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. 2. Journalize the transactions for April in a two-column joumal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles 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 joumal and the ledger as each item is posted. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry on April 30. Use page 20. (Note: You will not be required to post this entry to the ledger at this time.) (c) Is this error a transposition or slide? l Verizon 6:51 AM 100% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Journal entries and trial balance Journal Ledger Unadjusted Trial Balance Instructions Chart of Accounts Unadjusted Trial Balance 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. Elite Realty UNADJUSTED TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent I Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Earned Salary and Commission Expense 12 U Rent Expense 14 Advertising Expense 15 Automobile Expense 16 Miscellaneous Expense 17 Totals

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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My unadjusted trial balance is not adding up properly. I am not sure what I have missed. 

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Journal entries and trial balance
Instructions Chart of Accounts Journal
Ledger
Unadjusted Trial Balance
Instructions
The following business transactions were completed by Elite Realty during April 2019. Enter the transactions through the 23rd on Page 18 of the two-column
journal.
Paid rent on office for month, $6,500.
Apr.
1
2
Purchased office supplies on account, $2,300.
Paid insurance premiums, $6,000.
10
Received cash from clients on account, $52,300.
Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note
15
payable for the remainder.
Paid creditors on account, $6,450.
17
Retuned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325.
23
Paid advertising expense, $4,300.
Enter the following transactions on Page 19 of the two-column journal:
Discovered an error in computing a commission; received cash from the salesperson for the
Apr.
27
overpayment, $2,500
28
Paid automobile expense (including rental charges for an automobile), $1,500.
Paid miscellaneous expenses, $1,400.
29
30
Recorded revenue earned and billed to clients during the month, $57,000.
30
Paid salaries and commissions for the month, $11,900.
30
Withdrew cash for personal use, $4,000.
Rented land purchased on April 15 to local merchants association for use as a parking lot in May and
30
June, during a street rebuilding program; received advance payment of $10,000.
Required:
1. Record the April 1, 2019, 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.
2. Journalize the transactions for April in a two-column joumal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account
titles
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
joumal and the ledger as each item is posted.
4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019.
5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadjusted trial balance in (4)
balance? (b) Journalize the correcting entry on April 30. Use page 20. (Note: You will not be required to post this entry to the ledger at this
time.) (c) Is this error a transposition or slide?
Transcribed Image Text:l Verizon 6:50 AM AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Learning eBook Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions The following business transactions were completed by Elite Realty during April 2019. Enter the transactions through the 23rd on Page 18 of the two-column journal. Paid rent on office for month, $6,500. Apr. 1 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $6,000. 10 Received cash from clients on account, $52,300. Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note 15 payable for the remainder. Paid creditors on account, $6,450. 17 Retuned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. 23 Paid advertising expense, $4,300. Enter the following transactions on Page 19 of the two-column journal: Discovered an error in computing a commission; received cash from the salesperson for the Apr. 27 overpayment, $2,500 28 Paid automobile expense (including rental charges for an automobile), $1,500. Paid miscellaneous expenses, $1,400. 29 30 Recorded revenue earned and billed to clients during the month, $57,000. 30 Paid salaries and commissions for the month, $11,900. 30 Withdrew cash for personal use, $4,000. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and 30 June, during a street rebuilding program; received advance payment of $10,000. Required: 1. Record the April 1, 2019, 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. 2. Journalize the transactions for April in a two-column joumal beginning on Page 18. Refer to the Chart of Accounts for exact wording of account titles 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 joumal and the ledger as each item is posted. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been $19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry on April 30. Use page 20. (Note: You will not be required to post this entry to the ledger at this time.) (c) Is this error a transposition or slide?
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Journal entries and trial balance
Journal
Ledger Unadjusted Trial Balance
Instructions
Chart of Accounts
Unadjusted Trial Balance
4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019.
Elite Realty
UNADJUSTED TRIAL BALANCE
April 30, 2019
ACCOUNT TITLE
DEBIT
CREDIT
Cash
Accounts Receivable
3 Prepaid Insurance
4 Office Supplies
5 Land
6 Accounts Payable
7 Unearned Rent
I Notes Payable
9 Lester Wagner, Capital
10 Lester Wagner, Drawing
11 Fees Earned
Salary and Commission Expense
12
U Rent Expense
14 Advertising Expense
15 Automobile Expense
16 Miscellaneous Expense
17 Totals
Transcribed Image Text:l Verizon 6:51 AM 100% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Journal entries and trial balance Journal Ledger Unadjusted Trial Balance Instructions Chart of Accounts Unadjusted Trial Balance 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. Elite Realty UNADJUSTED TRIAL BALANCE April 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable 3 Prepaid Insurance 4 Office Supplies 5 Land 6 Accounts Payable 7 Unearned Rent I Notes Payable 9 Lester Wagner, Capital 10 Lester Wagner, Drawing 11 Fees Earned Salary and Commission Expense 12 U Rent Expense 14 Advertising Expense 15 Automobile Expense 16 Miscellaneous Expense 17 Totals
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