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 journal: Apr. 1 Paid rent on office for month, $6,500. 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $6,000. 10 Received cash from clients on account, $52,300. 15 Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,450. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. 23 Paid advertising expense, $4,300.
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 journal: Apr. 1 Paid rent on office for month, $6,500. 2 Purchased office supplies on account, $2,300. Paid insurance premiums, $6,000. 10 Received cash from clients on account, $52,300. 15 Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable for the remainder. 17 Paid creditors on account, $6,450. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325. 23 Paid advertising expense, $4,300.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:PAGE 18
PAGE 19
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Аpг. 1
Rent Expense
52
6,500.00
1
2
Cash
11
6,500.00
3
4
5
7
9
10
11
12
13
Transcribed Image Text: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 journal:
Aprг.
1
Paid rent on office for month, $6,500.
2
Purchased office supplies on account, $2,300.
Paid insurance premiums, $6,000.
10
Received cash from clients on account, $52,300.
15
Purchased land for a future building site for $200,000, paying $30,000 in cash and giving a note payable
for the remainder.
17
Paid creditors on account, $6,450.
20
Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $325.
23
Paid advertising expense, $4,300.
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