00 8 0 points eflook Pant References Problem 3-14A Journalizing, posting, adjusted trial balance, adjusting entries (monthly), financial statements LO4, 5, 6, 7 copy On August 1, 2023, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Aug 1 Purchased office furniture on account; $5,500. 1 Mark Diamond Invested $7,300 cash into his new business. 2 Collected $4,350 in advance for a three-week guided caribou watching tour beginning later in August. 3. Paid $6,450 for six months rent for office space effective August 1. 4 Received $3,300 for a four-day northern Lights viewing tour just completed. 7 Paid $1,650 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $500 for personal use. 22 Met with a Japanese tour guide to discuss a $165,000 tour contract. 31 Paid wages of $1,330. Assume Mark Diamond uses the straight-line method to depreciate the assets. Required: 1. Prepare General Journal entries to record the August transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 August 01, 2023 Office furniture Debit Credit 5.500 10 80 points 463. Post the entries to the accounts; calculate the enaing paiance in each account Beg bal Aug 01 101 Cash Beg bal End bal 131 Prepaid Rent eBook Print End bal References 161:Office Furniture 162 Accum. Deprec, Office Furniture Beg bal Beg bal End bal End bal 0 201 Accounts Payable 233 Unearned Revenue Beg bal Beg bal End bal End bal 8 301 Mark Diamond, Capital Beg bal Beg bal ts End bal 0 End bal 302:Mark Diamond, Withdrawals eBook 401:Revenue 602:Deprec. Exp, Office Furniture Beg bal Beg bal Print eferences End bal End bal ol 623:Wages Expense 640:Rent Expense Beg bal Beg bal End bal End bal O 688 Telephone Expense 696:Hotel Expenses Beg bal Beg ball End bal End bal 10 points eBook 4. Prepare an unadjusted trial balance at August 31, 2023. MILLENNIUM ARTIC TOURS Unadjusted Trial Balance Cash Pant Prepaid rent References Office furniture Accounts payable August 31, 2023 Account Debit Credit Unearned revenue Mark Diamond, capital Mark Diamond, withdrawals Revenue Hotel expenses Wages expense Total 0 $ 0 5. Using the following information, prepare the adjusting entries on August 31. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) a. The office furniture has an estimated life of four years and a $364 residual value. Use the straight-line method to depreciate the furniture. b. Two-thirds of the August 2 advance has been earned. c. One month of the Prepaid Rent has been used. d. The August telephone bill was not received as of August 31 but amounted to $350. Book int ences View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for depreciation expense of office furniture. Note: Enter debits before credits Date Aug 31 General Journal Debit Credit 10 points 00 8 6. Prepare an adjusted trial balance. MILLENNIUM ARTIC TOURS Adjusted Trial Balance August 31, 2023 eBook Account Title Debit Credit Print References $ 0 S 0 Totals Ok 7-a. Prepare a income statement for month ended August 31, 2023. ht Operating expenses: nces MILLENNIUM ARTIC TOURS Income Statement For Month Ended August 31, 2023 0 Total operating expenses $ 0 ts 7-b. Prepare a statement of changes in equity for month ended August 31, 2023. MILLENNIUM ARTIC TOURS Statement of Changes in Equity For Month Ended August 31, 2023 eBook Mark Diamond, capital, August 1 Print eferences Total 0 0 0 Mark Diamond, capital, August 31 7-c. Prepare a balance sheet for month ended August 31, 2023. (Be sure to list the assets and liabilities in order of their liquidity.) MILLENNIUM ARTIC TOURS Balance Sheet August 31, 2023 Assets Total Assets $ Liabilities Total Liabilities Total liabilities and equity S 0 Equity $ 0