Accounting Cycle Review 4-1 (Part Level Submission) 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 Accounts receivable Accumulated depreciation-equipment 2,000 Retained earnings Cash Common share 22 4.690 Note receivable, due October 31, 2018 4,400 6,362 1,320 12,900 Supplies 10,400 Unearned revenue 1,100 1.340 During August, the following summary transactions were completed. Paid $410 cash for advertising in local newspapers. Advertising flyers Aug. 1 will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $360. (Hint: Use the Prepaid Rent account.) 10 6 Received $3,420 cash from customers in payment of accounts. Paid $2,970 for salaries due employees, of which $1,650 is for August and $1,320 is for July salaries payable. 13 Received $3,590 cash for services performed in August. 15 Purchased additional equipment on account $2,000. 17 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 24 Paid salaries $3,110. 27 Performed services worth $4,840 on account and billed customers. Received $810 from customers for services to be provided in the future. 29 31 Declared and paid a $460 dividend. (a) Record the above summary transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Aug. 10 11 11