PR 2-4A Journal entries and trial balance OBJ. 1, 2, 3,4 Elite Realty acts unadj

Question

PR 2-4A Journal entries and trial balance OBJ. 1, 2, 3,4 Elite Realty acts unadjusted trial balance on March 31, 2019, follows: as an agent in buying, selling, renting, and managing real estate. The Elite Realty Unadjusted Trial Balance March 31, 2019 Account No. Debit Credit Balances Balances Cash 26,300 61,500 3,000 1,800 12 Prepaid Insurance Office Supplies Land 21 14,000 Unearned Rent... Notes Payable. Lester Wagner, Capital 46,000 Lester Wagner, Drawing.. Fees Earned... 32 41 2,000 240,000 148,200 30,000 17,800 Rent Expense 300,000 300,000 (Continued)

Explanation / Answer

Journal entries Debit Credit 01-Apr Rent expense 6500             Cash 6500 02-Apr Office supplies 2300              Accounts payable 2300 05-Apr Prepaid insurance 6000              Cash 6000 10-Apr Cash 52300            Accounts receivable 52300 15-Apr Land 200000           Cash 30000             Notes payable 170000 17-Apr Accounts payable 6450           Cash 6450 20-Apr Accounts payable 325           Office supplies 325 23-Apr Advertising expense 4300            Cash 4300 27-Apr Cash 2500           Salary and commission expense 2500 28-Apr Automobile expense 1500            Cash 1500 29-Apr Miscellaneous expense 1400             Cash 1400 30-Apr Accounts receivable 57000             Fees earned 57000 30-Apr Salary and commission expense 11900             Cash 11900 30-Apr Lester wagner drawings 4000              Cash 4000 30-Apr Cash 10000              Unearned rent 10000

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