1 1 1 1 1 2 3 10 During the first month of operations, August 2020, Marvel Corporation completed the following transactions: August Received $55,000 cash and issued common shares to shareholders. Borrowed $35,000 by signing a 8-month, 5% note payable. The entire $35,000 plus 8 months interest is due in fall on March 31. 2021 The company paid a six-month insurance policy for $1.200. The company paid $6,300 rent in advance for August September and October Purchased equipment $12.000 on account. The equipment is estimated to be 8 years. Purchased supplies $1,100 on account Performed services and received cash. $4,500. Performed services and billed the customer 5,000 Paid for the equipment purchased May 1. Paid employee's salaries, $3,200. Paid the utilities bill, $220. 22 Received $5,500 for services performed. Received a bill for the telephone $450 to be paid next month. 31 Salaries earned but remain unpaid $3,200. Supplies in the amount of $450 are still on hand. Pald $1.100 dividends. Required 1. Prepare any adiusting journal entries. Hand write your answer in your rough work. This will be submitted at the end of the test. 2. Prepare a classified balance sheet for the month of August, 2020. Make sure you show ALL of your rough work by either including calculations on your balance sheet or through T-accounts. Note that journal entries will not be marked. Hand write your answer in your rough work. This will be submitted at the end of the test. 3. In the box below. Type in the total assets you calculated in your balance sheet above. 15 15 18 31 31 31