Accounting Cycle Review 4-1 On August 1, 2018, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Tobique Ltd. Accounts payable $2,440 Interest receivable Accounts receivable 4,090 Note receivable, due October 31, 2018 4,200 Accumulated depreciation-equipment 1,830 Retained earnings 5,841 Cash 6,210 Salaries payable 1,340 Common shares 12,500 Supplies 990 Equipment 9,600 Unearned revenue 1,160 During August, the following summary transactions were completed. Paid $420 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Aug. 1 Prepaid Advertising account.) 3 Paid August rent $410. (Hint: Use the Prepaid Rent account.) 6 Received $3,200 cash from customers in payment of accounts. 10 Paid $3,100 for salaries due employees, of which $1,760 is for August and $1,340 is for July salaries payable. 13 Received $3,760 cash for services performed in August 15 Purchased additional equipment on account $2,160. 17 Paid creditors $2,160 of accounts payable due. 22 Purchased supplies on account $870. 24 Paid salaries $3,040. 27 Performed services worth $4,590 on account and billed customers. 29 Received $790 from customers for services to be provided in the future. 31 Declared and paid a $480 dividend. 520 PM PRINTER VERSION BACK Prepare T accounts, enter any opening balances, post the general journal entries and calculate and balances (Post entries in the order of journal entries presented in the previous part. If the ending balance is o select Bal for the date and enter for the normal balance for that account.) Cash LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a trial balance at August 31. TOBIQUE LTD. Trial Balance August 31, 2018 Debit Credit Help System A ulenes LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an adjusted trial balance as at August 31. TOBIQUE LTD. Adjusted Trial Balance August 31, 2018 Debit Credit