1 Harvey Spectre started a Pearson Hardman on 1 August 2021, a law firm where he will be providing legal services to the companys clients The following information regarding Pearson Hardman is available On August 1, Harvey Spectre invested $90,000 to start the business On the same day , he purchased office equipments for $12,000, paying $10,000 immediately and remaining amount will be paid after two months On August 3, two employees were hired, who will be paid a salary of $2,000 each, at the end of the month On August 9, Purchased office supplies worth $2,300 was purchased, on account On August 12, Harvey Spectre provided services to its clients and earned $7,500 However, that had not ben recorded yet On August 15 , Harvey Spectre paid $240 for a one year insurance policy that will expire July 2022 On August 19, Harvey Spectre received $5,000 from ABC Company, a client, for providing legal services that are expected to be completed by December 2021 Advertising expenses of $600 are still unpaid and accrued on August 20 On August 22, Harvey Spectre paid the balance due from August 9 transaction On August 23, Harvey Spectre withdrew $1,000 from the company, for personal use Paid salary to the companys employees of $4,000, on August 25 Utility bill of $1,200 was paid on August 26 Office rent of $5,000 was paid on August 29 On August 30, Harvey Spectre provided legal services to his clients and received a total of $8,000 Required Write the appropriate journal entry for the above mentioned transactions Prepare the Income Statement for Pearson Hardman, for the month ended 31 August, 2021 Prepare the Owners Equity Statement for Pearson Hardman, for the month ended 31 August, 2021 Prepare the Balance Sheet for Pearson Hardman, for the month ended 31 August, 2021 Following additional information are available Asupplycountonthelastdayofthemonthrevealedthatsuppliesworth$1,500wereusedinthe month of August One months insurance has expired by the end of August Analysis revealed that by the of August, Harvey Spectre already provided legal services worth $1,000 to ABC Company v Write the adjusting journal entries for the above three transactions

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1. Harvey Spectre started a Pearson Hardman on 1 August 2021, a law firm where he will be providing legal services to the companys clients.

1. Harvey Spectre started a Pearson Hardman on 1 August 2021, a law firm where he will be providing legal services to the companys clients. The following information regarding Pearson Hardman is available:

On August 1, Harvey Spectre invested $90,000 to start the business. On the same day , he purchased office equipments for $12,000, paying $10,000 immediately and remaining amount will be paid after two months.
On August 3, two employees were hired, who will be paid a salary of $2,000 each, at the end of the month.
On August 9, Purchased office supplies worth $2,300 was purchased, on account.
On August 12, Harvey Spectre provided services to its clients and earned $7,500. However, that had not ben recorded yet.
On August 15 , Harvey Spectre paid $240 for a one-year insurance policy that will expire July 2022.
On August 19, Harvey Spectre received $5,000 from ABC Company, a client, for providing legal services that are expected to be completed by December 2021.
Advertising expenses of $600 are still unpaid and accrued on August 20.
On August 22, Harvey Spectre paid the balance due from August 9 transaction.
On August 23, Harvey Spectre withdrew $1,000 from the company, for personal use.

Paid salary to the companys employees of $4,000, on August 25.

Utility bill of $1,200 was paid on August 26.
Office rent of $5,000 was paid on August 29.
On August 30, Harvey Spectre provided legal services to his clients and received a total of $8,000.

Required:

Write the appropriate journal entry for the above mentioned transactions.
Prepare the Income Statement for Pearson Hardman, for the month ended 31 August, 2021.
Prepare the Owners Equity Statement for Pearson Hardman, for the month ended 31 August, 2021.
Prepare the Balance Sheet for Pearson Hardman, for the month ended 31 August, 2021.
Following additional information are available:

- Asupplycountonthelastdayofthemonthrevealedthatsuppliesworth$1,500wereusedinthe month of August.
- One months insurance has expired by the end of August.
- Analysis revealed that by the of August, Harvey Spectre already provided legal services worth $1,000 to ABC Company.

v. Write the adjusting journal entries for the above three transactions.