Journal entries and trial balance Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2018, follows: Valley Realty Unadjusted Trial Balance Cash Accounts Receivable Prepaid Insurance Office Supplies Land Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends Fees Earned Salary and Commission Expense July 31, 2018 Account Debit Credit No. Balances Balances 11 9,620 12 22,420 13 1,090 14 660 16 21 22 23 31 32 N 6,340 10,000 9,700 33 770 41 109,370 80,070 Fees Earned Spreadsheet 109,370 Salary and Commission Expense 51 80,070 Rent Expense 52 10,940 Advertising Expense 53 6,450 Automobile Expense 54 1,970 Miscellaneous Expense 59 1,420 135,410 135,410 The following business transactions were completed by Valley Realty during August 20Y8: August 1. Purchased office supplies on account, $930. August 2. Paid rent on office for month, $3,590. August 3. Received cash from clients on account, $17,940. August 5. Paid insurance premiums, $2,580. August 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $140. August 17. Paid advertising expense, $1,440. August 23. Paid creditors on account, $3,230. August 29. Paid miscellaneous expenses, $320. August 30. Paid automobile expense (including rental charges for an automobile), $1,080. August 31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $720. August 31. Paid salaries and commissions for the month, $6,590. Required: Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. 1. Record the August 1, 2018 balance of each account in the appropriate balance column of the four-column account. The word Balance has been entered in the item section and a check mark (V) has been placed in the Posting Reference column. 2. Journalize and insert the Posting References for the transactions for August in a two-column journal beginning on Page 18. If an amount box does not require an entry, leave it blank. Date 2018 August 1 August 2 August 3 August 5 August 9 General Journal Page 18 Description Post. Ref. Debit Credit 2. Journalize and insert the Posting Spreadsheet require an entry, leave it blank. Date 20Y8 August 1 August 2 August 3 August 5 August 9 August 17 August 23 gust in a two-column journal beginning on Page 18. If an amount box does not General Journal Page 18 Description Post. Ref. Debit Credit 2018 August 29 August 30 Date August 31-Error August 31-Salary August 31-Revenue August 31-Land August 31-Dividends General Journ Spreadsheet Description Page 19 Post. Ref. Debit Credit August 31-Dividends August 31-Rent 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Using the balances from the spreadsheet, prepare an unadjusted trial balance of the ledger as of August 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. Valley Realty Unadjusted Trial Balance August 31, 20Y8 Account Debit Balances Credit Balances No. 4. Using the balances from the spre Spreadsheet balance of the ledger as of August 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank. Valley Realty Unadjusted Trial Balance August 31, 20Y8 Account Debit Balances Credit Balances No. 5a. Assume that the August 31 transaction for dividends should have been $5,690. As a result, the unadjusted trial balance in (4) would 5b. Assume that the August 31 transaction for dividends should have been $5,690. Journalize the correcting entry. If an amount box does not require an entry, leave it blank. Date 20Y8 August 31 General Journal Description Page 19 Post. Ref. Debit Credit 5c. Assume that the August 31 transaction for dividends should have been $5,690. Is this error a transposition or slide? Check My Work Previous