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 No. Debit Balances Credit Balances   Cash 11 9,370     Accounts Receivable 12 21,830     Prepaid Insurance 13 1,070     Office Supplies 14 640     Land 16 —     Accounts Payable 21   6,180   Unearned Rent 22   —   Notes Payable 23   —   Common Stock 31   10,000   Retained Earnings 32   10,200   Dividends 33 750     Fees Earned 41   106,500   Salary and Commission Expense 51 78,990     Rent Expense 52 10,650     Advertising Expense 53 6,280     Automobile Expense 54 1,920     Miscellaneous Expense 59 1,380         132,880 132,880   The following business transactions were completed by Valley Realty during August 20Y8: Aug. 1. Purchased office supplies on account, $970. 2. Paid rent on office for month, $3,710. 3. Received cash from clients on account, $18,560. 5. Paid insurance premiums, $2,670. 9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $150. 17. Paid advertising expense, $1,480. 23. Paid creditors on account, $3,340. 29. Paid miscellaneous expense, $330. 30. Paid automobile expense (including rental charges for an automobile), $1,110. 31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $740. 31. Paid salaries and commissions for the month, $6,570. 31. Recorded revenue earned and billed to clients during the month, $22,270. 31. Purchased land for a future building site for $66,800, paying $7,300 in cash and giving a note payable for the remainder. 31. Paid dividends, $740. 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 $2,230. 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, 20Y8 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 (√) 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 Office Supplies  14 970     Accounts Payable  21   970 Aug. 2 Rent Expense  52 3710     Cash  11   3710 Aug. 3 Cash 11 18560     Accounts Receivable  12   18560 Aug. 5 Prepaid Insurance          Cash        Aug. 9 Accounts Payable          Office Supplies        Aug. 17 Advertising Expense          Cash        Aug. 23 Accounts Payable          Cash        General Journal Page 19 Date Description Post. Ref. Debit Credit 20Y8         Aug. 29 Miscellaneous Expense          Cash        Aug. 30 Automobile Expense          Cash        Aug. 31-Error Cash          Salary and Commission Expense        Aug. 31-Salary Salary and Commission Expense          Cash        Aug. 31-Revenue Accounts Receivable          Fees Earned        Aug. 31-Land Land          Cash          Notes Payable        Aug. 31-Dividends Dividends          Cash        Aug. 31-Rent Cash          Unearned Rent          Feedback   1. The ending balance for accounts on July 31 will be the beginning balance for August 1.   2. Identify which accounts are affected in each transaction. Keep in mind that every transaction involves at least two accounts. Determine whether the account increases or decreases and record each increase or decrease following the rules of debit and credit. Use the Posting Reference column to enter the corresponding account number from the general ledger account. Remember total debits should equal total credits in your entries.         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 No. Debit Balances Credit Balances Cash                                                                                                                                                5a.  Assume that the August 31 transaction for dividends should have been $5,670. As a result, the unadjusted trial balance in (4) would still balance.    5b.  Assume that the August 31 transaction for dividends should have been $5,670. 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 $5,670. Is this error a transposition or slide?