Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2016, follows:

The following business transactions were completed by Valley Realty during August 2016:
Aug.
1. Purchased office supplies on account, $3,150.
2. Paid rent on office for month, $7,200.
3. Received cash from clients on account, $83,900.

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Valley Realty July 31, 2016 12 13 Accounts Receivable Prepaid Insurance. . 52,500 100,100 12,600 . 16 Land 21,000 87,500 41 Fees Earned 591,500 49,000 32,200 15,750 700,000