Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2018, follows: Valley Realty Unadjusted Trial Balance July 31, 20Y8 Account Debit Credit No. Balances Balances Cash 11 12,350 Accounts Receivable 12 28,780 Prepaid Insurance 13 1,400 Office Supplies 14 840 Land 16 Accounts Payable 21 8,140 Unearned Rent 22 Notes Payable 23 Common Stock 31 10,000 Retained Earnings 32 19,500 Dividends 33 980 Fees Earned 411 140,380 Salary and Commission Expense 51 107,000 178,020 The following business transactions were completed by Valley Realty during August 20Y8: August 1. Purchased office supplies on account, $1,270. August 2. Paid rent on office for month, $4,890. August 3.. Received cash from clients on account, $24,460. August 5. 178,020 August 9. Paid insurance premiums, $3,520. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $200. August 17. Paid advertising expense, $1,960. August 23. Paid creditors on account, $4,400. August 29. Paid miscellaneous expenses, $440. August 30. Paid automobile expense (including rental charges for an automobile), $1,470. August 31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $980. August 31. Paid salaries and commissions for the month, $7,520. August 31. Recorded revenue earned and billed to clients during the month, $29,350. August 31. Purchased land for a future building site for $88,100, paying $9,700 in cash and giving a note payable for the remainder. August 31. Paid dividends, $980. August 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 $2,940. 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, 20YB 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. If an amount box does not require an entry, leave it blank. 2018 August 1 Date August 2 August 31 August 5 August 91 General Journal Page 18 Description Post. Ref. Debit Credit General Journal Page 19 Date Description Post. Ref. Debit Credit 2018 August 29 August 30 August 31-Error August 31-Salary August 31-Revenue August 31-Land August 31-Dividends. 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, 2018. 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 Debit Balances Credit Balances No. 5a. Assume that the August 31 transaction for dividends should have been $5,720. As a result, the unadjusted trial balance in (4) would 5b. Assume that the August 31 transaction for dividends should have been $5,720. Journalize the correcting entry. If an amount box does not requ entry, leave it blank. Date 2018 August 31 General Journal Description Page 19 Post. Ref. Debit Credit 5c. Assume that the August 31 transaction for dividends should have been $5,720. Is this error a transposition or slide?