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Journal Entries and Trial Balance On March 1, 20Y1, Larry Kinyon established Valley Realty, which completed the following transactions during the month: a. Larry Kinyon transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $20,000 b. Purchased supplies on account, $1,000. c. Earned sales commissions, receiving cash, $12,250. d. Paid rent on office and equipment for the month, $3,800. e. Paid creditor on account, $600. f. Pald dividends, $3,000. 9. Paid automobile expenses (including rental charge) for month, $1,500, and miscellaneous expenses, $400. h. Pald office salaries, $3,100. 1. Determined that the cost of supplies used was $725. Required: 1. Journalize entries for transactions (a) through (6). If no entry is required, leave the box blank. (a) Cash 20,000 Accounts Payable x 20,000 | 0 (b) Supplies 1.000 Automobile Expense X 1,000 Cash 12,250 (d) 20,000 (b) Supplies 1,000 Automobile Expense x 1,000 (c) Cash (d) 3 ] [ (e) (7) (9) 1 100 B (h) are accounts, using the account titles in part (1) Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transaction. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance Cash Bal. Supplies Bai Accounts Payable Bal. Common Stock movies Previous Dividends Sales Commissione Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense 3. Prepare a trial balance as of March 31, 2011. If no entry is required, leave the box blank. Valley Realty Trial Balance March 31, 2011 Debit Balances Credit Balances Cash Supplies Accounts Payable Common Stock Dividends Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Supplies Expepse Miscellaneous Expense