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, 2019, follows: Valley Realty Unadjusted Trial Balance July 31, 2019 Account Debit Credit Balances No. Balances 11 Cash 52,500 12 Accounts Receivable 100,100 13 Prepaid Insurance 12,600 14 Office Supplies 2,800 16 Land 21 Accounts Payable 21,000 22 Unearned Rent 23 Notes Payable 31 Cindy Getman, Capital 87,500 32 Cindy Getman, Drawing 44,800 29. Paid miscellaneous expenses, $1,700. 31. 30. Paid automobile expense (including rental charges for an automobile), $2,500. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $2,000. 31. Paid salaries and commissions for the month, $53,000. 31. Recorded revenue earned and billed to clients during the month, $183,500. 31. Purchased land for a future building site for $75,000, paying $7,500 in cash and giving a note payable for the remainder. 31. Withdrew cash for personal use, $1,000. 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 $5,000. Page 19 General Journal Description Date Post. Ref. Debit Credit 2019 Aug. 29 Miscellaneous Expense 59 1,700 Cash 11 o 1,700 Aug. 30 Automobile Expense 54 2,500 0 Cash 11 0 2,500 Aug. 31- Cash 11 2,000 0 Error Salary and Commission Expense 51 o 2,000 Salary Salary and Commission Expense 51 53,000 0 Cash 11 0 53,000 Revenue Accounts Receivable Fees Earned Land Land Cash Notes Payable Withdraw Cindy Getman, Drawing Cash Rent Cash Unearned Rent