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

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. The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Purchased office supplies on account, $1,010. 2. Paid rent on office for month, $3,880. 3. Received cash from clients on account, $19,380. 5. Paid insurance premiums, $2,790. 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $160. 17. Paid advertising expense, $1,550. 23. Paid creditors on account, $3,490. 29. Paid miscellaneous expense, $350. 30. Paid automobile expense (including rental charges for an automobile), $1,160. 31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $780. 31. Paid salaries and commissions for the month, $6,520. 31. Recorded revenue earned and billed to clients during the month, $23,260. 31. Purchased land for a future building site for $69,800, paying $7,700 in cash and giving a note payable for the remainder. 31. Paid dividends, $780. 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 $2,330. Transcribed Image Text: 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 $5,620. As a result, the unadjusted trial balance in (4) would not balance.
5b. Assume that the August 31 transaction for dividends should have been $5,620. 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
| 20Υ8
Aug. 31
5c. Assume that the August 31 transaction for dividends should have been $5,620. Is this error a transposition or slide?
clide Transcribed Image Text: 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
10,270
Accounts Receivable
12
23,920
Prepaid Insurance
13
1,170
Office Supplies
14
700
Land
16
Accounts Payable
21
6,770
Unearned Rent
22
Notes Payable
23
Common Stock
31
10,000
Retained Earnings
32
12,200
Dividends
33
820
Fees Earned
41
116,700
Salary and Commission Expense
51
86,610
Rent Expense
52
11,670
Advertising Expense
53
6,890
Automobile Expense
54
2,100
Miscellaneous Expense
59
1,520
145,670
145,670

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