Solved: Passport Realty acts as an agent in buying selling

renting
Passport Realty acts as an agent in buying selling renting

Passport Realty acts as an agent in buying, selling, renting, and managing real estate. The
unadjusted trial balance on October 31, 2008, is shown at the top of the following page.
The following business transactions were completed by Passport Realty during November 2008:
Nov. 1. Paid rent on office for month, $5,000.
2. Purchased office supplies on account, $1,750.
5. Paid annual insurance premiums, $4,800.
10. Received cash from clients on account, $52,000.
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, $7,750.

Nov. 20. Returned a portion of the office supplies purchased on November 2, receiving full
credit for their cost, $250
23. Paid advertising expense, $2,100.
27. Discovered an error in computing a commission; received cash from the salesperson for the
overpayment, $700.
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, $48,400.
30. Paid salaries and commissions for the month, $25,000.
30. Withdrew cash for personal use, $8,000.
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
$2,500.

Instructions
1. Record the November 1, 2008, 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 November in a two-column journal. Journal entry explanations
may be omitted.
3. Post to the ledger, extending the account balance to the appropriate balance column after
each posting.
4. Prepare an unadjusted trial balance of the ledger as of November 30,2008.

Passport Realty acts as an agent in buying selling renting

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