Socket Realty acts as an agent in buying, selling, renting, and managing real estate. The account balances at the end of May 2007 of the current year are as shown at the top of the following page: Debit Balances Credit Balances Cash 4,920 Accounts Receivable 15,000 Prepaid Insurance 1,440 Office Supplies 960 Land 0 Office Equipment 10,480 Accumulated Depreciation 2,880 Accounts Payable 640 Salary and Commissions Payable 0 Unearned Fees 1,440 Notes Payable 0 Capital Stock 20,000 Retained Earnings 7,840 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 32,800 32,800 The following business transactions were completed by Socket Realty during June 2007: June 1 Paid rent on office for June, $2,000. 2 Purchased office supplies on account, $1,100. 5 Paid annual insurance premiums, $1,920. 8 Received cash from clients on account, $13,040. 10 Purchased land for a future building site for $48,000, paying $4,800 in cash and giving a non-interest-bearing note payable due in 2009 for the remainder. 16 Paid creditors on account, $640. 18 Returned a portion of the office supplies purchased on June 2, receiving full credit for their cost, $140. 24 Paid advertising expense, $680. 25 Billed clients for fees earned, $18,800. 27 Paid salaries and commissions, $6,000 28 Paid automobile expense (including rental charges for an automobile), $600. 29 Paid miscellaneous expenses, $200. 30 Received cash from client for fees earned, $2,400. 30 Paid dividends, $800. Instructions 1. Record the June 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 June 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 June 30, 2007.