August 1 2 Minnewashta Water Sport, Inc. is a succesful local company that rents out water sport equipment to visitors of several Minnesota lakes. The un-adjusted Trial Balance for Minnewashta Water Sport, Inc., as of July 31, 2018, is presented bellow. Minnewashta Water Sport, Inc. Trial Balance July 31, 2018 Debit Credit Cash $ 40,000.00 Accounts Receivable $ 12,000.00 Supplies $ 2,000.00 Water Equipments $ 46,000.00 Vehicles $ 54,000.00 Accounts Payable $ 20,100.00 Notes Payable Common Stock $ 16,000.00 $ 50,000.00 Retained Earnings $ 41,000.00 Dividends $ 5,000.00 Service Revenue $ 46,000.00 Salaries Expense $ 8,000.00 Utility Expense $ 1,200.00 Advertising Expense $ 600.00 Rent Expense $ 4,000.00 Miscellaneous Expense $ 300.00 Total $173,100.00 $173,100.00 The following are the transactions during August 2018 4 6 7 8 10 Paid salary, $1,200. Acquired Water Equipment, $35,000. Paid $5,000 cash and signed Notes Payable for the rest. Performed service on account, $3,000. Paid $500 for advertising in a local newspaper. Performed services and received $2,000 cash. Paid $12,000 for the Notes Payable due Purchased $600 supplies on account. 13 Purchased a new vehicles and signed a $25,000 notes payable Performed services and received $5,000 cash. Performend $1,500 services on account. Received $3,000 cash for service performed. Paid $1,000 on account. Received Cash from customers on account, $1,000. 14 15 Paid salary, $1,200. 17 20 Paid dividends, $3,000. 21 22 23 25 26 Paid $200 for August utility. 28 29 Paid $1,000 office rent for August. 30 Paid salary, $1,200 31 Paid Misscellaneous Expense, $100. Peformed service for cash, $5,000 Received payment on account, $5,000. Required: 1 Journal the transactions that occurred in August 2018. 2 Post the journal entries to the General Ledger. 3 Calculate the new balances as of August 31, 2018. 4 Prepare the Trial Balance for Minnewashta Water Sport, Inc. at August 31, 2018. 5 Prepare the financial Statements for Minnewashta Water Sport, Inc.