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, 2048 Account No. Debit Balances Credit Balances Cash 11 11,850 27,600 Accounts Receivable 12 13 1,350 14 810 16 21 7,810 22 Prepald Insurance Office Supplies Land Accounts Payable Unearned Rent Notes Payable Common Stock Retained Earnings Dividends 23 31 10,000 14,200 32 940 33 134,610 41 Fees Earned Fees Earned Print Item MO 41 134,610 51 98,500 52 Salary and Commission Expense Rent Expense Advertising Expense Automobile Expense Miscellaneous Expense 13,460 53 54 7,940 2,420 59 1,750 166,620 166,620 The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Purchased office supplies on account, $1,190. 2. Paid rent on office for month, $4,580. 3. Received cash from clients on account, $22,910. 5. Paid insurance premiums, $3,300. 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $180. 17. Paid advertising expense, $1,830. 23. Pald creditors on account, $4,120. 29. Paid miscellaneous expense, $410. 30. Paid automobile expense (including rental charges for an automobile), $1,370. Discovered an error in computing a commission during July; received cash from the salesperson for the 31. overpayment, $920. 31. Paid salaries and commissions for the month, $6,440. 31. Recorded revenue eamed and billed to clients during the month, $27.490. Purchased land for a future building site for $82,500, paying 89,100 in cash and giving a note payable 31. for the remainder, 31. Paid dividends, $920. Rented and purchased on August 31 to a local university for use as a parking lot during football season 31. (September, October, and November); received advance payment of $2.750. Required: Use the attached spreadsheet to complete farts 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, 2048 balance of each account in the appropriate balance column of the four-column account. The word Balance has been entered in the tem 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 1. For a compound transaction, if an amount box does not require an entry, leave it blank. General Journal Page 18 Date Description Post. Ref. Credit Debit 2018 Aug. 1 Previous Aug. 2 Aug. 3 Aug. 5 Aug. 9 Aug. 17 Aug. 23 Page 19 General Journal Description Date Post. Ref. Debit Credit 20Y8 Aug. 29 Aug. 30 Aug 31.Error Aug. 31-Salary Aug. 31-Revenue Aug. 31-Land Aug. 31-Dividends Aug. 31-Rent Required: 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 blant Valley Realty Unadjusted Trial Balance August 31, 2048 Account No. Debit Balances Credit Balances news! We figured out. One of our best Sa. Assume that the August 31 transaction for dividends should have been $4,640. As a result, the unadjusted trial balance in (4) would 5b. Assume that the August 31 transaction for dividends should have been $4,640. Journalize the correcting entry. It an amount box does not require an entry, leave k) blank Genern Journal Description Page 19 Credit Date Post. Ref. Debit 2018 Aug. 31 Sc. Assume that the August 31 transaction for dividends should have been $4,640. Is this error a transposition or slide