CHART OF ACCOUNTS Elite RealtyGeneral Ledger Elite Realty acts as an agent in bu
ID: 2331493 • Letter: C
Question
CHART OF ACCOUNTS
Elite RealtyGeneral Ledger
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2018, follows:
Elite Realty
UNADJUSTED TRIAL BALANCE
March 31, 2018
1
Cash
25,100.00
2
Accounts Receivable
59,000.00
3
Prepaid Insurance
3,300.00
4
Office Supplies
2,500.00
5
Accounts Payable
13,700.00
6
Common Stock
10,000.00
7
Retained Earnings
37,400.00
8
Dividends
1,500.00
9
Fees Earned
226,400.00
10
Salary and Commission Expense
145,000.00
11
Rent Expense
25,000.00
12
Advertising Expense
17,600.00
13
Automobile Expense
4,400.00
14
Miscellaneous Expense
4,100.00
15
Totals
287,500.00
287,500.00
The following business transactions were completed by Elite Realty during April 2018. Enter the transactions through the 23rd on Page 18 of the two-column journal:
Enter the following transactions on Page 19 of the two-column journal:
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 journal and the ledger as each item is posted.
1. Record the April 1, 2018, 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. 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 journal and the ledger as each item is posted.
LEDGER
Account: Cash11Account No.
Account: Accounts Receivable12Account No.
Account: Prepaid Insurance13Account No.
Account: Office Supplies14Account No.
Account: Land16Account No.
Account: Accounts Payable21Account No.
Account: Unearned Rent22Account No.
Account: Notes Payable23Account No.
Account: Common Stock31Account No.
Account: Retained Earnings32Account No.
Account: Dividends33Account No.
Account: Fees Earned41Account No.
Account: Salary and Commission Expense51Account No.
Account: Rent Expense52Account No.
Account: Advertising Expense53Account No.
Account: Automobile Expense54Account No.
Account: Miscellaneous Expense59Account No.
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Office Supplies 16 LandExplanation / Answer
Journal Entries Date Account Title Debit Credit Apr. 1 Rent expense 5500 Cash 5500 2-Apr Office Supplies 2300 Accounts Payable 2300 5-Apr Insurance expense 5000 Cash 5000 10-Apr Cash 59000 Accounts Receivable 59000 15-Apr Land 203000 Cash 27000 Notes Payable 176000 Apr. 17 Accounts Payable 6050 Cash 6050 20-Apr Accounts Payable 370 Office Supplies 370 23-Apr Advertising Expense 4000 Cash 4000 27-Apr Cash 2500 Salary and Commission Expense 2500 28-Apr Automobile Expense 1800 Cash 1800 29-Apr Miscellaneous Expense 1800 Cash 1800 30-Apr Accounts receivable 58000 Fees Earned 58000 Salary and Commission Expense 11900 Accounts Payable 11900 Dividends 4000 Cash 4000 Cash 10000 Unearned Rent 10000 375220 375220 LEDGER ACCOUNTS Net Ledger Balances Date Account Title Debit Credit Debit Credit 1-Apr Beginning balance 13700 2-Apr Accounts Payable 2300 Apr. 17 Accounts Payable 6050 20-Apr Accounts Payable 370 30-Apr Salary and Commission Expense 11900 21480 1-Apr Beginning balance 59000 10-Apr Accounts Receivable 59000 30-Apr Accounts receivable 58000 58000 1-Apr Beginning balance 17600 23-Apr Advertising Expense 4000 21600 1-Apr Beginning balance 4400 28-Apr Automobile Expense 1800 6200 1-Apr Beginning balance 25100 Apr. 1 Cash 5500 5-Apr Cash 5000 10-Apr Cash 59000 15-Apr Cash 27000 Apr. 17 Cash 6050 23-Apr Cash 4000 27-Apr Cash 2500 28-Apr Cash 1800 29-Apr Cash 1800 30-Apr Cash 4000 30-Apr Cash 10000 41450 1-Apr Common stock 10000 10000 1-Apr Beginning balance--Dividends 1500 30-Apr Cash 4000 5500 1-Apr Beginning balance 226400 30-Apr Fees Earned 58000 284400 5-Apr Insurance expense 5000 5000 15-Apr Land 203000 203000 1-Apr Beginning balance 4100 29-Apr Miscellaneous Expense 1800 5900 15-Apr Notes Payable 176000 176000 Prepaid Insurance 3,300.00 3300 1-Apr Beginning balance 2500 2-Apr Office Supplies 2300 20-Apr Office Supplies 370 4430 1-Apr Beginning balance 25000 Apr. 1 Rent expense 5500 30500 Apr. 1 Beginning bal.-Retained Earnings 37400 37400 Apr. 1 Beginning balance 145000 27-Apr Salary and Commission Expense 2500 30-Apr Salary and Commission Expense 11900 154400 30-Apr Unearned Rent 10000 10000 662720 662720 539280 539280 TRIAL BALance as at Apr. 30 ACCOUNT TITLE DEBIT CREDIT Cash 41,450 Accounts Receivable 58,000 Prepaid Insurance 3,300 Office Supplies 4,430 Land 203,000 Accounts Payable 21,480 Unearned Rent 10,000 Common Stock 10,000 Retained Earnings 37,400 Notes payable 176,000 Dividends 5,500 Fees Earned 284,400 Salary and Commission Expense 154,400 Rent Expense 30,500 Advertising Expense 21,600 Automobile Expense 6,200 Miscellaneous Expense 5,900 Insurance expense 5,000 Totals 539,280 539,280