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Utopia Realty acts as an agent in buying selling renting and managing real estate The unadjusted trial balance on October 31 2012 is shown below The following business transactions were

Utopia Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2012, is shown below.  The following business transactions were completed by Utopia Realty during November 2012: Nov. 1. Paid rent on office for month, $5,000. 2. Purchased office supplies on account, $1,300. 5. Paid annual insurance premiums, $3,600. 10. Received cash from clients on account, $25,000. 15. Purchased land for a future building site for $90,000, paying $10,000 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $4,500. 20. Returned a portion of the office supplies purchased on November 2, receiving full credit for their cost, $200. 23. Paid advertising expense, $2,000. 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, $1,000. 28. Paid automobile expense (including rental charges for an automobile), $1,500. 29. Paid miscellaneous expenses, $450. 30. Recorded revenue earned and billed to clients during the month, $30,000. 30. Paid salaries and commissions for the month, $7,500. 30. Withdrew cash for personal use, $1,000. 30. Rented land purchased on November 15 to local merchants association for use as a parking lot in December and January, during a street rebuilding program; received advance payment of $3,000. Instructions 1. Record the November 1, 20

Apr 08 2020 Read more Less More

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