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, 20Y8, is shown below.

Valley Realty
Unadjusted Trial Balance
July 31, 20Y8
		Account No.	Debit Balances	Credit Balances
	Cash	11	13,020
	Accounts Receivable	12	30,330
	Prepaid Insurance	13	1,480
	Office Supplies	14	890
	Land	16
	Accounts Payable	21		8,580
	Unearned Rent	22
	Notes Payable	23
	Common Stock	31		10,000
	Retained Earnings	32		16,600
	Dividends	33	1,040
	Fees Earned	41		147,950
	Salary and Commission Expense	51	108,260
	Rent Expense	52	14,800
	Advertising Expense	53	8,730
	Automobile Expense	54	2,660
	Miscellaneous Expense	59	1,920
			183,130	183,130

The following business transactions were completed by Valley Realty during August 20Y8:

Aug. 1.	Purchased office supplies on account, $1,320.
2.	Paid rent on office for month, $5,100.
3.	Received cash from clients on account, $25,480.
5.	Paid insurance premiums, $3,670.
9.	Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $200.
17.	Paid advertising expense, $2,040.
23.	Paid creditors on account, $4,590.

29.	Paid miscellaneous expense, $460.
30.	Paid automobile expense (including rental charges for an automobile), $1,530.
31.	Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $1,020.
31.	Paid salaries and commissions for the month, $6,510.
31.	Recorded revenue earned and billed to clients during the month, $30,580.
31.	Purchased land for a future building site for $91,700, paying $10,100 in cash and giving a note payable for the remainder.
31.	Paid dividends, $1,020.
31.	Rented land purchased on August 31 to a local university for use as a parking lot during football season (September, October, and November); received advance payment of $3,060.

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, 20Y8.

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 No.	Debit Balances	Credit Balances
Cash	fill in the blank 64b849f8ffe5039_2	fill in the blank 64b849f8ffe5039_3	fill in the blank 64b849f8ffe5039_4
	fill in the blank 64b849f8ffe5039_6	fill in the blank 64b849f8ffe5039_7	fill in the blank 64b849f8ffe5039_8
	fill in the blank 64b849f8ffe5039_10	fill in the blank 64b849f8ffe5039_11	fill in the blank 64b849f8ffe5039_12
	fill in the blank 64b849f8ffe5039_14	fill in the blank 64b849f8ffe5039_15	fill in the blank 64b849f8ffe5039_16
	fill in the blank 64b849f8ffe5039_18	fill in the blank 64b849f8ffe5039_19	fill in the blank 64b849f8ffe5039_20
	fill in the blank 64b849f8ffe5039_22	fill in the blank 64b849f8ffe5039_23	fill in the blank 64b849f8ffe5039_24
	fill in the blank 64b849f8ffe5039_26	fill in the blank 64b849f8ffe5039_27	fill in the blank 64b849f8ffe5039_28
	fill in the blank 64b849f8ffe5039_30	fill in the blank 64b849f8ffe5039_31	fill in the blank 64b849f8ffe5039_32
	fill in the blank 64b849f8ffe5039_34	fill in the blank 64b849f8ffe5039_35	fill in the blank 64b849f8ffe5039_36
	fill in the blank 64b849f8ffe5039_38	fill in the blank 64b849f8ffe5039_39	fill in the blank 64b849f8ffe5039_40
	fill in the blank 64b849f8ffe5039_42	fill in the blank 64b849f8ffe5039_43	fill in the blank 64b849f8ffe5039_44
	fill in the blank 64b849f8ffe5039_46	fill in the blank 64b849f8ffe5039_47	fill in the blank 64b849f8ffe5039_48
	fill in the blank 64b849f8ffe5039_50	fill in the blank 64b849f8ffe5039_51	fill in the blank 64b849f8ffe5039_52
	fill in the blank 64b849f8ffe5039_54	fill in the blank 64b849f8ffe5039_55	fill in the blank 64b849f8ffe5039_56
	fill in the blank 64b849f8ffe5039_58	fill in the blank 64b849f8ffe5039_59	fill in the blank 64b849f8ffe5039_60
	fill in the blank 64b849f8ffe5039_62	fill in the blank 64b849f8ffe5039_63	fill in the blank 64b849f8ffe5039_64
	fill in the blank 64b849f8ffe5039_66	fill in the blank 64b849f8ffe5039_67	fill in the blank 64b849f8ffe5039_68
		fill in the blank 64b849f8ffe5039_69	fill in the blank 64b849f8ffe5039_70

5a. Assume that the August 31 transaction for dividends should have been $5,610. As a result, the unadjusted trial balance in (4) would

5b. Assume that the August 31 transaction for dividends should have been $5,610. Journalize the correcting entry. If an amount box does not require an entry, leave it blank.

General Journal				Page 19
Date	Description	Post. Ref.	Debit	Credit
20Y8
Aug. 31		fill in the blank 64b849f8ffe5039_73	fill in the blank 64b849f8ffe5039_74	fill in the blank 64b849f8ffe5039_75
		fill in the blank 64b849f8ffe5039_77	fill in the blank 64b849f8ffe5039_78	fill in the blank 64b849f8ffe5039_79

5c. Assume that the August 31 transaction for dividends should have been $5,610. Is this error a transposition or slide?