Aug 12 4 14. 20 52 222 28 29 Swapna invested $68,000 cash and a building worth $350,000 in the company. The company rented equipment by paying $3,000 cash for the first month's (Aug) rent. They will pay this rent every month. The company collected $23,000 cash for fees from customers (not on account). The company purchased $2,600 of office supplies for cash. The company paid an employee $2,560 cash for two weeks' wages earned. The company paid $7,200 cash for the premium on a 12-month insurance policy. begins the next day on Aug 21. The company paid $2,560 cash for two weeks' wages earned by an employee. The company incurred a $500 repair for a leaking roof. They were able to put this on an account with a vendor and have 30 days to pay. Coverage 30 The company paid $1,700 cash for this month's utility bill. 31 Swapna withdrew $4,800 cash from the company for personal expenses. The company's chart of accounts: 101 Cash 401 Fees Income 105 Accounts Receivable 601 120 Office Supplies 602 Wages Expense 130 Prepaid Insurance 603 Depreciation Expense - Buildings Insurance Expense 140 Buildings 604 Rent Expense 141 Accumulated Depreciation-Buildings 605 Office Supplies Expense 201 Accounts Payable 606 Utilities Expense 210 Salaries Payable 607 Repairs Expense 301 S.Patel, Capital 901 Income Summary 302 S.Patel, Withdrawals Required 1. Be sure to record items in the appropriate places on your exam. Everything is clearly labeled. 2. Prepare journal entries to record the transactions for August and post them to the ledger accounts. Record prepaid insurance in a balance sheet account not an income statement account. 3. Prepare an unadjusted trial balance as of August 31. 4. Use the following information to journalize and post adjusting entries for the month: a. One-third of one month's insurance coverage has expired. b. At the end of the month, $1,600 of office supplies are still available. c. This month's depreciation on the buildings is $3,500. d. An employee earned $1,140 of unpaid and unrecorded wages as of month-end. e. The company earned $4,700 of fees that are not yet billed at month-end. 5. Prepare the income statement and the statement of owner's equity for the month of August and the balance sheet at August 31, 20xx. 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance after all temporary accounts have been closed. 8. Finally, under your last general ledger account, identify ethical considerations for processing financial transactions and what a couple of controls are to alleviate losses or wrongdoing.