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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 Debit Credit No. Balances Balances Cash 11 12,020 Accounts Receivable 12 27,990 Prepaid Insurance 13 1,370 Office Supplies 14 820 Land 16 Accounts Payable 21 7,920 Unearned Rent 22 Notes Payable 23 Common Stock 31 10,000 Retained Earnings 32 14,600 Dividends 33 960 Fees Earned 41 136,550 Salary and Commission Expense 51 99,950 Rent Expense 52 13,660 Advertising Expense 53 8,060 Automobile Expense 54 2,460 Miscellaneous Expense 59 1,780 169,070 169,070 The following business transactions were completed by Valley Realty during August 20Y8: Aug. Purchased office supplies on account, $1,190. 1. 2. Paid rent on office for month, $4,590. 3. Received cash from clients on account, $22,950. 5. Paid insurance premiums, $3,300. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, 9. $180. 17. Paid advertising expense, $1,840. 23. Paid creditors on account, $4,130. 29. Paid miscellaneous expense, $410. 30. Paid automobile expense (including rental charges for an automobile), $1,380. 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 earned and billed to clients during the month, $27,540. Purchased land for a future building site for $82,600, paying $9,100 in cash and giving a note payable 31. for the remainder. 31. Paid dividends, $920. Rented land 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 parts 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 item 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 18. For a compound transaction, if an amount box does not require an entry, leave it blank. General Journal Page 18 Date Description Post. Ref.Debit Credit 20Y8 Aug. 1 Aug. 2 Aug. 3 Aug. 5 Aug. 9 Aug. 17 Aug. 23 General Journal Page 19 Description Post. Ref.Debit Credit Date 2018 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 blank. Valley Realty Unadjusted Trial Balance August 31, 20Y8 Account Debit Balances Credit Balances No. 5a. 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. If an amount box does not require an entry, leave it blank. General Journal Page 19 Date Description Post. Ref.Debit Credit 20Y8 Aug. 31 5c. Assume that the August 31 transaction for dividends should have been $4,640. Is this error a transposition or slide