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. 2. Record the November 1, 20Y4, balance of each account in the appropriate balance column of a T account. 3. Post the journal entries to the T accounts below, selecting the date to the left of each amount to identify the transaction. Determine the balances for all accounts. Cash Nov. 1 Bal. fill in the blank 77e73003afeafb0_2 Nov. 2 fill in the blank 77e73003afeafb0_4 Nov. 3 fill in the blank 77e73003afeafb0_6 Nov. 5 fill in the blank 77e73003afeafb0_8 Nov. 30 fill in the blank 77e73003afeafb0_10 Nov. 17 fill in the blank 77e73003afeafb0_12 Nov. 30 fill in the blank 77e73003afeafb0_14 Nov. 29 fill in the blank 77e73003afeafb0_16 Nov. 30 fill in the blank 77e73003afeafb0_18 Nov. 30 fill in the blank 77e73003afeafb0_20 Nov. 30 fill in the blank 77e73003afeafb0_22 Nov. 30 fill in the blank 77e73003afeafb0_24 Nov. 30 Bal. fill in the blank 77e73003afeafb0_26 Nov. 30 Bal. fill in the blank 77e73003afeafb0_28 Accounts Receivable Nov. 3 fill in the blank 77e73003afeafb0_30 Nov. 1 Bal. fill in the blank 77e73003afeafb0_32 Nov. 30 fill in the blank 77e73003afeafb0_34 Nov. 30 Bal. fill in the blank 77e73003afeafb0_36 Prepaid Insurance Nov. 1 Bal. fill in the blank 77e73003afeafb0_38 Nov. 5 fill in the blank 77e73003afeafb0_40 Nov. 30 Bal. fill in the blank 77e73003afeafb0_42 Office Supplies Nov. 1 fill in the blank 77e73003afeafb0_44 Nov. 1 Bal. fill in the blank 77e73003afeafb0_46 Nov. 9 fill in the blank 77e73003afeafb0_48 Nov. 30 Bal. fill in the blank 77e73003afeafb0_50 Land fill in the blank 77e73003afeafb0_52 fill in the blank 77e73003afeafb0_54 Accounts Payable fill in the blank 77e73003afeafb0_56 fill in the blank 77e73003afeafb0_58 fill in the blank 77e73003afeafb0_60 fill in the blank 77e73003afeafb0_62 fill in the blank 77e73003afeafb0_64 Unearned Rent fill in the blank 77e73003afeafb0_66 fill in the blank 77e73003afeafb0_68 Notes Payable fill in the blank 77e73003afeafb0_70 fill in the blank 77e73003afeafb0_72 Common Stock fill in the blank 77e73003afeafb0_74 Retained Earnings fill in the blank 77e73003afeafb0_76 Dividends fill in the blank 77e73003afeafb0_78 fill in the blank 77e73003afeafb0_80 fill in the blank 77e73003afeafb0_82 Fees Earned fill in the blank 77e73003afeafb0_84 fill in the blank 77e73003afeafb0_86 fill in the blank 77e73003afeafb0_88 Salary and Commission Expense fill in the blank 77e73003afeafb0_90 fill in the blank 77e73003afeafb0_92 fill in the blank 77e73003afeafb0_94 fill in the blank 77e73003afeafb0_96 Rent Expense fill in the blank 77e73003afeafb0_98 fill in the blank 77e73003afeafb0_100 fill in the blank 77e73003afeafb0_102 Advertising Expense fill in the blank 77e73003afeafb0_104 fill in the blank 77e73003afeafb0_106 fill in the blank 77e73003afeafb0_108 Automobile Expense fill in the blank 77e73003afeafb0_110 fill in the blank 77e73003afeafb0_112 fill in the blank 77e73003afeafb0_114 Miscellaneous Expense fill in the blank 77e73003afeafb0_116 fill in the blank 77e73003afeafb0_118 fill in the blank 77e73003afeafb0_120

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. 2. Record the November 1, 20Y4, balance of each account in the appropriate balance column of a T account. 3. Post the journal entries to the T accounts below, selecting the date to the left of each amount to identify the transaction. Determine the balances for all accounts. Cash Nov. 1 Bal. fill in the blank 77e73003afeafb0_2 Nov. 2 fill in the blank 77e73003afeafb0_4 Nov. 3 fill in the blank 77e73003afeafb0_6 Nov. 5 fill in the blank 77e73003afeafb0_8 Nov. 30 fill in the blank 77e73003afeafb0_10 Nov. 17 fill in the blank 77e73003afeafb0_12 Nov. 30 fill in the blank 77e73003afeafb0_14 Nov. 29 fill in the blank 77e73003afeafb0_16 Nov. 30 fill in the blank 77e73003afeafb0_18 Nov. 30 fill in the blank 77e73003afeafb0_20 Nov. 30 fill in the blank 77e73003afeafb0_22 Nov. 30 fill in the blank 77e73003afeafb0_24 Nov. 30 Bal. fill in the blank 77e73003afeafb0_26 Nov. 30 Bal. fill in the blank 77e73003afeafb0_28 Accounts Receivable Nov. 3 fill in the blank 77e73003afeafb0_30 Nov. 1 Bal. fill in the blank 77e73003afeafb0_32 Nov. 30 fill in the blank 77e73003afeafb0_34 Nov. 30 Bal. fill in the blank 77e73003afeafb0_36 Prepaid Insurance Nov. 1 Bal. fill in the blank 77e73003afeafb0_38 Nov. 5 fill in the blank 77e73003afeafb0_40 Nov. 30 Bal. fill in the blank 77e73003afeafb0_42 Office Supplies Nov. 1 fill in the blank 77e73003afeafb0_44 Nov. 1 Bal. fill in the blank 77e73003afeafb0_46 Nov. 9 fill in the blank 77e73003afeafb0_48 Nov. 30 Bal. fill in the blank 77e73003afeafb0_50 Land fill in the blank 77e73003afeafb0_52 fill in the blank 77e73003afeafb0_54 Accounts Payable fill in the blank 77e73003afeafb0_56 fill in the blank 77e73003afeafb0_58 fill in the blank 77e73003afeafb0_60 fill in the blank 77e73003afeafb0_62 fill in the blank 77e73003afeafb0_64 Unearned Rent fill in the blank 77e73003afeafb0_66 fill in the blank 77e73003afeafb0_68 Notes Payable fill in the blank 77e73003afeafb0_70 fill in the blank 77e73003afeafb0_72 Common Stock fill in the blank 77e73003afeafb0_74 Retained Earnings fill in the blank 77e73003afeafb0_76 Dividends fill in the blank 77e73003afeafb0_78 fill in the blank 77e73003afeafb0_80 fill in the blank 77e73003afeafb0_82 Fees Earned fill in the blank 77e73003afeafb0_84 fill in the blank 77e73003afeafb0_86 fill in the blank 77e73003afeafb0_88 Salary and Commission Expense fill in the blank 77e73003afeafb0_90 fill in the blank 77e73003afeafb0_92 fill in the blank 77e73003afeafb0_94 fill in the blank 77e73003afeafb0_96 Rent Expense fill in the blank 77e73003afeafb0_98 fill in the blank 77e73003afeafb0_100 fill in the blank 77e73003afeafb0_102 Advertising Expense fill in the blank 77e73003afeafb0_104 fill in the blank 77e73003afeafb0_106 fill in the blank 77e73003afeafb0_108 Automobile Expense fill in the blank 77e73003afeafb0_110 fill in the blank 77e73003afeafb0_112 fill in the blank 77e73003afeafb0_114 Miscellaneous Expense fill in the blank 77e73003afeafb0_116 fill in the blank 77e73003afeafb0_118 fill in the blank 77e73003afeafb0_120

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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.

2. Record the November 1, 20Y4, balance of each account in the appropriate balance column of a T account.

3. Post the journal entries to the T accounts below, selecting the date to the left of each amount to identify the transaction. Determine the balances for all accounts.

Cash
Nov. 1 Bal.	fill in the blank 77e73003afeafb0_2	Nov. 2	fill in the blank 77e73003afeafb0_4
Nov. 3	fill in the blank 77e73003afeafb0_6	Nov. 5	fill in the blank 77e73003afeafb0_8
Nov. 30	fill in the blank 77e73003afeafb0_10	Nov. 17	fill in the blank 77e73003afeafb0_12
Nov. 30	fill in the blank 77e73003afeafb0_14	Nov. 29	fill in the blank 77e73003afeafb0_16
		Nov. 30	fill in the blank 77e73003afeafb0_18
		Nov. 30	fill in the blank 77e73003afeafb0_20
		Nov. 30	fill in the blank 77e73003afeafb0_22
		Nov. 30	fill in the blank 77e73003afeafb0_24
		Nov. 30 Bal.	fill in the blank 77e73003afeafb0_26
Nov. 30 Bal.	fill in the blank 77e73003afeafb0_28

Accounts Receivable
Nov. 3	fill in the blank 77e73003afeafb0_30	Nov. 1 Bal.	fill in the blank 77e73003afeafb0_32
Nov. 30	fill in the blank 77e73003afeafb0_34
Nov. 30 Bal.	fill in the blank 77e73003afeafb0_36

Prepaid Insurance
Nov. 1 Bal.	fill in the blank 77e73003afeafb0_38
Nov. 5	fill in the blank 77e73003afeafb0_40
Nov. 30 Bal.	fill in the blank 77e73003afeafb0_42

Office Supplies
Nov. 1	fill in the blank 77e73003afeafb0_44	Nov. 1 Bal.	fill in the blank 77e73003afeafb0_46
Nov. 9	fill in the blank 77e73003afeafb0_48
Nov. 30 Bal.	fill in the blank 77e73003afeafb0_50

Land
	fill in the blank 77e73003afeafb0_52
	fill in the blank 77e73003afeafb0_54

Accounts Payable
	fill in the blank 77e73003afeafb0_56		fill in the blank 77e73003afeafb0_58
	fill in the blank 77e73003afeafb0_60		fill in the blank 77e73003afeafb0_62
			fill in the blank 77e73003afeafb0_64

Unearned Rent
			fill in the blank 77e73003afeafb0_66
			fill in the blank 77e73003afeafb0_68

Notes Payable
			fill in the blank 77e73003afeafb0_70
			fill in the blank 77e73003afeafb0_72

Common Stock
			fill in the blank 77e73003afeafb0_74

Retained Earnings
			fill in the blank 77e73003afeafb0_76

Dividends
	fill in the blank 77e73003afeafb0_78
	fill in the blank 77e73003afeafb0_80
	fill in the blank 77e73003afeafb0_82

Fees Earned
			fill in the blank 77e73003afeafb0_84
			fill in the blank 77e73003afeafb0_86
			fill in the blank 77e73003afeafb0_88

Salary and Commission Expense
	fill in the blank 77e73003afeafb0_90		fill in the blank 77e73003afeafb0_92
	fill in the blank 77e73003afeafb0_94
	fill in the blank 77e73003afeafb0_96

Rent Expense
	fill in the blank 77e73003afeafb0_98
	fill in the blank 77e73003afeafb0_100
	fill in the blank 77e73003afeafb0_102

Advertising Expense
	fill in the blank 77e73003afeafb0_104
	fill in the blank 77e73003afeafb0_106
	fill in the blank 77e73003afeafb0_108

Automobile Expense
	fill in the blank 77e73003afeafb0_110
	fill in the blank 77e73003afeafb0_112
	fill in the blank 77e73003afeafb0_114

Miscellaneous Expense
	fill in the blank 77e73003afeafb0_116
	fill in the blank 77e73003afeafb0_118
	fill in the blank 77e73003afeafb0_120

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