Answered Essay: I'm confused and need help with PS-2-4A number 1-5 thank you

I’m confused and need help with PS-2-4A number 1-5 thank you
04 , 4A Journal entrie, and trial balance 14 ,800 16 ie Accounts Pyable Unearned Notes Payable 1 12 10,000 16,000 ees Eoned Salary and Commission Espense Rent Espense 51 s2 53 148,200 0,000 17,800 5,500 Automobile Expense Micellaneous Espense 59 100,000300,000 The billon ing business transactions were completed by Elite Realty during April 2018 Paid rent on office for month 56 500 2 Purchased office supplies on account, $2,300 S. 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 Ap. 1. for the remainder Paid creditors on account, $6,450 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 5325. 23. Paid advertising expense, $4,300 Euter the following transactions on Page 19 of the two-column journal 27, Discovered an eror in computing a commissionç received cash from the salesperson for the overpayment, $2,500 28. Paid automobile expense Oncluding rental charges for an automobillel, $1,500 29. Paid miscellaneous expenses, $1,400 0 Recorded revenue earned and billed to clients during the month, $57,000 0. Paid salaries and commissions for the month, $11,900 30. Paid dividends $4,000 3o. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and Instructions 1. Record the April 1, 2018, balance of each account in the appropriate balance column of a Jurne, during a street rebuilding program received advance payment of $10,000 four-column account, write Balance in the item section, and place a check mark ) in the 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal s Post to the ledger, extending the account balance to the appropriate balance column after Posting Reference column. entry explanations may be omitted. each posting i. Prepare an unadjusted trial balance of the ledger as of April 30, 2018 5 Assume that the April 30 transaction for salaries and commissions should have been $19,100 (A) Why did the unadjusted trial balance in (0) balance? (B) Journalize the correcting entry (C) Is this error a transposition or slide?

The following business transactions were completed by Elite Realty during April 2018: Apr. 1. Paid rent on office for month 56 500. 2 Purchased office supplies on account, $2,300. 5. 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. Enter the following transactions on Page 19 of the two-column journal: 27. Discovered an error in computing a commission: received cash from the salesperson for the overpayment, $2,500. 28. Paid automobile expense (including rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $1,400. 30. Recorded revenue earned and billed to clients during the month, $57,000. 30. Paid salaries and commissions for the month, $11,900. 30. Paid dividends $4,000. 3o. 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 $ 10,000. 1. Record the April 1, 2018, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after Posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2018. 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 (C) Is this error a transposition or slide?

Expert Answer

 

Answer:

1

Elite Realty
           Unadjusted Trial Balance
March 31, 2018
Balance
Account DR CR
11 Cash 26,300
12 Accounts Receivable 61,500
13 Prepaid Insurance 3,000
14 Office Supplies 1,800
16 Land
21 Account Payable 14,000
22 Unearned Rent
23 Notes Payable 10,000
31 common stock 36,000
32 Dividend 2,000
41 Fees Earned 240,000
51 Salary and Commission Expense 148,200
52 Rent Expense 30,000
53 Advertising Expense 17,800
54 Automobile Expense 5,500
59 Miscellaneous Expense 3,900
300,000 300,000

2

Elite Realty
Monthly Journal
Apr.2018
Date Account DR CR
1-Apr Rent Expense        6,500
Cash        6,500
2-Apr Office Supplies        2,300
Accounts Payable        2,300
5-Apr Prepaid Insurance        6,000
Cash        6,000
10-Apr Cash     52,300
Accounts Receivable     52,300
15-Apr Land 200,000
Cash     30,000
Notes Payable 170,000
17-Apr Accounts Payable        6,450
Cash        6,450
20-Apr Accounts Payable           325
Office Supplies           325
23-Apr Advertising expense        4,300
Cash        4,300
27-Apr Cash        2,500
Salary and Commission Expense        2,500
28-Apr Automobile Expense        1,500
Cash        1,500
29-Apr Miscellaneous Expense        1,400
Cash        1,400
30-Apr Accounts Receivable     57,000
Fees Earned     57,000
30-Apr Salary and Commission Expense     11,900
Cash     11,900
30-Apr Devidend        4,000
Cash        4,000
30-Apr Cash     10,000
Unearned Rent     10,000

3

Elite Realty
General Ledger
Apr.2018
Account Beginning Balance Adjustments Ending Balance
DR CR DR CR DR CR
11 Cash 26,300     19,050
Ref 1-Apr        6,500
Ref 5-Apr        6,000
Ref 10-Apr     52,300
Ref 15 Apr     30,000
Ref 17 Apr        6,450
Ref 23 Apr        4,300
Ref 27 Apr        2,500
Ref 28 Apr        1,500
Ref 29 Apr        1,400
Ref 30 Apr     11,900
Ref 30 Apr        4,000
Ref 30 Apr     10,000
12 Accounts Receivable 61,500     66,200
Ref 10-Apr     52,300
Ref 30 Apr     57,000
13 Prepaid Insurance 3,000        9,000
Ref 5-Apr        6,000
14 Office Supplies 1,800        3,775
Ref 2-Apr        2,300
Ref 20 Apr           325
16 Land 200,000
Ref 15 Apr 200,000
21 Account Payable 14,000        9,525
Ref 2-Apr        2,300
Ref 17 Apr        6,450
Ref 20 Apr           325
22 Unearned Rent     10,000
Ref 30 Apr     10,000
23 Notes Payable 10,000
Ref 15 Apr 170,000 180,000
31 common stock 36,000     36,000
32 Devidend 2,000        6,000
Ref 30 Apr        4,000
41 Fees Earned 240,000 297,000
Ref 30 Apr     57,000
51 Salary and Commission Expense 148,200 157,600
Ref 27 Apr        2,500
Ref 30 Apr     11,900
52 Rent Expense 30,000     36,500
Ref 1-Apr        6,500
53 Advertising Expense 17,800     22,100
Ref 23 Apr        4,300
54 Automobile Expense 5,500        7,000
Ref 28 Apr        1,500
59 Miscellaneous Expense 3,900        5,300
Ref 29 Apr        1,400
300,000 300,000 366,475 366,475 532,525 532,525

4

Elite Realty
           Unadjusted Trial Balance
April 30, 2018
Balance
Account DR CR
11 Cash 19,050
12 Accounts Receivable 66,200
13 Prepaid Insurance 9,000
14 Office Supplies 3,775
16 Land                                200,000
21 Account Payable 9,525
22 Unearned Rent     10,000
23 Notes Payable 180,000
31 Lester Wagner, Capital 36,000
32 Devidend 6,000
41 Fees Earned 297,000
51 Salary and Commission Expense 157,600
52 Rent Expense 36,500
53 Advertising Expense 22,100
54 Automobile Expense 7,000
59 Miscellaneous Expense 5,300
532,525 532,525

5

A. The unadjusted TB will balance beacuse the journal entry is giving a
debit and credit an amount for the same value
B Correction JE
Date Account DR CR
30-Apr Salary and Commission Expense        7,200
Cash     7,200
Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.

× How can I help you?