Gypsum Realty acts as an agent in buying, selling, renting, and managing real estate. The account balances at the end of March 2007 of the current year are as follows Debit Balances Credit Balances Cash 16,300 Accounts Receivable 57,500 Prepaid Insurance 2,200 Office Supplies 2,100 Land 0 Office Equipment 17,000 Accumulated Depreciation 4,800 Accounts Payable 1,800 Salary and Commissions Payable 0 Unearned Fees 3,000 Notes Payable 0 Capital Stock 20,000 Retained Earnings 65,500 Dividends 0 Fees Earned 0 Salary and Commission Expense 0 Rent Expense 0 Office Supplies Expense 0 Advertising Expense 0 Automobile Expense 0 Insurance Expense 0 Depreciation Expense 0 Miscellaneous Expense 0 95,100 95,100 The following business transactions were completed by Gypsum Realty during April 2007: Apr. 1 Paid rent on office for April, $8,000. 2 Purchased office supplies on account, $2,750. 5 Paid annual insurance premiums, $3,300. 8 Received cash from clients on account, $55,000. 15 Purchased land for a future building site for $150,000, paying $15,000 in cash and giving a non-interest-bearing note payable due in 2011 for the remainder. 17 Paid creditors of April 2 purchase on account, $1,800. 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $550. 24 Paid advertising expense, $2,200. 25 Billed clients for fees earned, $76,800. 27 Paid salaries and commissions, $23,000. 28 Paid automobile expense (including rental charges for an automobile), $1,430. 29 Paid miscellaneous expense, $430. 30 Received cash from client for fees earned, $10,000. 30 Paid dividends, $4,000. Instructions 1. Record the April 1 balance of each account in the appropriate column of a T account. Write Balance to identify the opening amounts. 2. Journalize the transactions for April in a two-column journal. 3. Post the journal entries to the T accounts, placing the date to the left of each amount to identify the transaction. Determine the balances for all accounts with more than one posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30.