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 11,000 Accounts Receivable 12 25,620 Prepaid Insurance 13 1,250 Office Supplies 14 750 Land 16 Accounts Payable 21 7,250 Unearned Rent 22 Notes Payable 23 Common Stock 31 10,000 Retained Earnings 32 13,700 Dividends 33 870 Fees Earned 41 124,980 Salary and Commission Expense 51 92,700 Rent Expense 52 12,500 Advertising Expense 53 7,370 Automobile Expense 54 2,250 Miscellaneous Expense 59 1,620 155,930 155,930 The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Purchased office supplies on account, $1,080. 2. Paid rent on office for month, $4,150. 3. Received cash from clients on account, $20,750. 5. Paid insurance premiums, $2,990. 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $170. 17. Paid advertising expense, $1,660. 23. Paid creditors on account, $3,740. 29. Paid miscellaneous expense, $370. 30. Paid automobile expense (including rental charges for an automobile), $1,250. 31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $830. 31. Paid salaries and commissions for the month, $5,350. 31. Recorded revenue earned and billed to clients during the month, $24,900. 31. Purchased land for a future building site for $74,700, paying $8,200 in cash and giving a note payable for the remainder. 31. Paid dividends, $830. 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 $2,490.

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 blank. Valley Realty Unadjusted Trial Balance August 31, 2018 Account No. Debit Balances Credit Balances Cash 11 24,070 x Accounts Receivable 12 20,750 x Prepaid Insurance 13 Office Supplies 14 1,080 x Land 16 Accounts Payable 21 Unearned Rent 22 Notes Payable 23 Common Stock 31 32 Retained Earnings Dividends 33 Fees Earned 41 51 Salary and Commission Expense Rent Expense Advertising Expense 52 53 54 Automobile Expense Miscellaneous Expense 59