Question

Apr 1 2 5 Paid rent on office for month, 56,000. Purchased office supplies on account, $2,400 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $52,700. 15 Purchased land for a future building site for $227,000 paying $27,000 in cash and giving a note payable for the remainder Paid creditors on account, $6,050 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $360 23 Paid advertising expense, S4,150. 17

Answer 1

As we are told to do 4 question from the asked ones -

1. Journal Entries -

Credit Date Apr 1 Elite Reality Journal Entries Accounts Title Debit Rent Expense $ 6,000 Cash (Being Rent expense paid) $ 6,000 Apr 2 Office Supplies $ 2,400 Accounts Payable $ 2,400 (Being Office Supplies Purchased on account) Apr 5 Prepaid Insurance $ 5,000 Cash (Being Insurance Expense paid) $ 5,000 Apr 10 Cash $ 52,700 Accounts Receivable (Being Amount received on account) $ 52,700 Apr 15 Land $ 227,000 Cash Notes Payable (Being Land Purchased) $ 27,000 $ 200,000 Apr 17 Accounts Payable $ 6,050 Cash (Being Payment made on account) $ 6,050 Apr 20 360 Accounts Payable $ Office Supplies (Being Supplies Returned) $ 360 Apr 23 Advertising Expense $ 4,150 Cash (Being Advertising Expense paid) $ 4,150 Apr 27 Cash $ 2,100 Salaries and Commission Expense (Being Error rectified) $ 2,100 Apr 28 Automobile Expense $ 1,200 Cash (Being Automobile Expense paid) $ 1,200 Apr 29 Miscellaneous Expense $ 1,300 Cash (Being Miscellaneous Expense Paid) $ 1,300 Apr 30 Accounts Receivable $ 55,000 Fees Earned (Being Revenue earned and billed) $ 55,000 Apr 30 Salaries and Commission Exp $ 11,900 Cash (Being Salaries and Commission Paid) $ 11,900 Apr 30 Dividend $ 4,000 Cash (Being dividend Paid) $ 4,000 Apr 30 Cash $ 10,200 Unearned Rent (Being Advance received) $ 10,200

2. Ledgers -

Retained Earnings Mar 31 $ 37,800 Apr 30 $ 37,800 Cash Mar 31 $ 26,300 Apr 1 Apr 10 $ 52,700 Apr 5 Apr 27 $ 2,100 Apr 15 Apr 30 $ 10,200 Apr 17 Apr 23 Apr 28 Apr 29 Apr 30 Apr 30 $ 6,000 $ 5,000 $ 27,000 $ 6,050 $ 4,150 $ 1,200 $ 1,300 $ 11,900 $ 4,000 Mar 31 Dividends $ 2,500 $ 4,000 Apr 30 Apr 30 $ 24,700 Apr 30 $ 6,500 $ 91,300 $ 91,300 $ Mar 31 Accounts Receivable $ 61,000 Apr 10 $ 55,000 $ 52,700 Fees Earned Apr 30 Mar 31 Apr 30 $ 242,100 $ 55,000 Apr 30 $297,100 Mar 31 Apr 5 Prepaid Insurance $ 3,300 $ 5,000 Apr 30 Salaries and Commission Expense Mar 31 $ 146,800 Apr 27 $ 2,100 Apr 30 $ 11,900 $ 8,300 Apr 30 $156,600 $ 158,700 $ 158,700 Office Supplies $ 2,000 Apr 20 $ 2,400 $ Mar 31 Apr 2 360 Mar 31 Rent Expense $ 34,000 $ 6,000 Apr 1 Apr 30 $ 4,040 Apr 30 $ 40,000 $ 4,400 $ 4,400 Land Mar 31 Apr 15 $227,000 Mar 31 Apr 23 Advertising Expense $ 17,500 $ 4,150 Apr 30 $ 227,000 Apr 30 $ 21,650 Accounts Payable $ 6,050 Mar 31 $ 360 Apr 2 Apr 17 Apr 20 $ 13,600 $ 2,400 Mar 31 Apr 28 Automobile Expense $ 6,000 $ 1,200 Apr 30 $ 9,590 $ 16,000 $ 16,000 Unearned Rent Mar 31 Apr 30 $ 10,200 Mar 31 Apr 29 Miscellaneous Expense $ 4,100 $ 1,300 Apr 30 $ 10,200 Apr 30 $ 5,400 Notes Payable Mar 31 Apr 15 $ 200,000 Apr 30 $ 200,000 Common Stock Mar 31 $ 10,000 Apr 30 $ 10,000

3. Unadjusted Trial Balance -

Credit Land Elite Reality Unadjusted Trial Balance April 30, 20Y3 Accounts Title Debit Cash $ 24,700 Accounts Receivable $ 63,300 Prepaid Insurance $ 8,300 Office Supplies $ 4,040 $ 227,000 Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends $ 6,500 Fees Earned Salaries and Commission Expense $ 156,600 Rent Expense $ 40,000 Advertising Expense $ 21,650 Automobile Expense $ 7,200 Miscellaneous Expense $ 5,400 $ 9,590 $ 10,200 $ 200,000 $ 10,000 $ 37,800 $ 297,100 Total $564,690 $ 564,690