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, is shown below. Valley Realty Unadjusted Trial Balance July 31, 2018 Account No. Debit Balances 9,970 Credit Balances Cash 11 Accounts Receivable 12 23,230 Prepaid Insurance 13 1,130 14 Office Supplies Land 680 16 21 6,570 22 23 Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends 31 10,000 32 10,400 33 790 Fees Earned 41 113,330 51 82,970 11,330 52 Salary and Commission Expense Rent Expense Advertising Expense Automobile Expense Miscellaneous Expense 53 6,690 2,040 54 59 1,470 140,300 140,300 The following business transactions were completed by Valley Realty during August 20Y8 Aug. 1. Purchased office supplies on account, $980. 2. Paid rent on office for month, $3,760. The following business transactions were completed by We Realty during August 2018: Aug. 1. Purchased office supplies on account, 500 2. Paidrot on office for month, $3,760 3. Received cash from cents on account, $18,820 5. Paid insurance premiums, 2.710 Returned a portion of the office suis purchased on August 1, reiving full credit for their cow, 1150 12. Vaid advertising pee 1.510 23. Paid creditors on account $3,300 29. Faid miscellaneous expense, 5340 10. Pald automobile expense (including rental charges for an automat 61,130 Discovered an amor in computing a commission during July receive cash from the salesperson for the 31 overpayment, 3750 31. Paldsalanes and commissions for the month, 17,520 31. Recorded revenue earned and led to clients during the month, 122.500 Purchased and for a future building site for $67,800, saying $7,500 changing note sayti 31 for the remainder 31. Paid dividends, $750 Rented and purchased on August 31 to a low university for use a parking lot during foottolt season 31 154ptember October, and November), received advance payment of 42,200 Required: Use the attached tortoet to completa parts 1 and 9. Cick on the Spreadsheet icon to open and save the becer fie to your computer. You wout into the spreadsheet will not be noted in your grein Cenow on this problem 1. Record the August 3, 208 halance el coch account in the appropriate balance column of the four-column action. The word wance nas been entered in the item section and a check mark (7) has been placed in the Posting Reference column 2. Sourate and insert the posting References for the transactions for Augustin a two-columjournal beginning on page 1. For a compound transaction, an amount box does not require an entry, leave General Journal Description Date Page 10 Credit Post. Ref Debit 2015 non Next > 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, 2048 Account No. Debit Balances Credit Balances Cash 11 Accounts Receivable 12 Prepaid Insurance 13 2,710 Office Supplies 14 Land 16 21 22 2,260 23 60,300 Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends 31 10,000 32 33 750 Fees Earned 41 Salary and Commission Expense 51 Rent Expense 52 53 Advertising Expense Automobile Expense Miscellaneous Expense 54 59 21 Sie Unearned Hent 22 2,260 Notes Payable 23 60,300 31 10,000 32 750 41 Common Stock Retained Earnings Dividends Fees Earned Salary and in Nunt Expert Advertising pente Auto Espanse Miscellaneous agent 51 52 su 54 S. Aume that it tation for its should have 72. As a result, the new would Sh. Antune to the Auction for events there have been 15.720 ne correct try and by General Page 1 Date Description Debat Credit 20 A31 5. Asume that the past tracconto dividends would have been 15.720. Is there? Next All word few rating Q Q / 6 7 8 9 ec