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Journal Entries and Trial Balance Valley Realty acts as an agent in buying, selling, renting, and...

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, 20Y7, follows:

Valley Realty
Unadjusted Trial Balance
July 31, 20Y7
Account
No.
Debit
Balances
Credit
Balances
Cash 11 52,500
Accounts Receivable 12 100,100
Prepaid Insurance 13 12,600
Office Supplies 14 2,800
Land 16
Accounts Payable 21 21,000
Unearned Rent 22
Notes Payable 23
Cindy Getman, Capital 31 87,500
Cindy Getman, Drawing 32 44,800
Fees Earned 41 591,500
Salary and Commission Expense 51 385,000
Rent Expense 52 49,000
Advertising Expense 53 32,200
Automobile Expense 54 15,750
Miscellaneous Expense 59 5,250
700,000 700,000

The following business transactions were completed by Valley Realty during August 20Y7:

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.
5. Paid insurance premiums, $12,000.
9. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost, $400.
17. Paid advertising expense, $8,000.
23. Paid creditors on account, $13,750.
29. Paid miscellaneous expenses, $1,700.
30. Paid automobile expense (including rental charges for an automobile), $2,500.
31. Discovered an error in computing a commission during July; received cash from the salesperson for the overpayment, $2,000.
31. Paid salaries and commissions for the month, $53,000.
31. Recorded revenue earned and billed to clients during the month, $183,500.
31. Purchased land for a future building site for $75,000, paying $7,500 in cash and giving a note payable for the remainder.
31. Withdrew cash for personal use, $1,000.
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 $5,000.

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. The August 1, 20Y7 balance of each account has been recorded 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 reference for the transactions for August in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

General Journal Page 18
Date Description Post. Ref. Debit Credit
20Y7
Aug. 1 Office Supplies
Accounts Payable
Aug. 2 Rent Expense
Cash
Aug. 3 Cash
Accounts Receivable
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
20Y7
Aug. 29 Miscellaneous Expense
Cash
Aug. 30 Automobile Expense
Cash
Aug. 31-Error Cash
Salary and Commission Expense
Salary Salary and Commission Expense
Cash
Revenue Accounts Receivable
Fees Earned
Land Land
Cash
Notes Payable
Withdraw Cindy Getman, Drawing
Cash
Rent Cash
Unearned Rent
0 0
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Answer #1

Date Description Post. Ref. Debit Credit Aug. 1 3,150 Office Supplies Accounts Payable 14 $ 21 $ 3,150 Aug. 2 7,200 Rent Expe

Aug. 30 Automobile Expense Cash 54 $ 11 2,500 $ 2,500 Aug. 31- Error Cash 11 $ 2,000 Salary and Commission Expense 51 $ $ 2,0

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