August 1, 2023, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following ccurred during the first month of operations: ug. 1 Purchased office furniture on account; $4,900. 1 Mark Diamond invested $6,900 cash into his new business. 2 Collected $3,750 in advance for a three-week guided caribou watching tour beginning later in August. 3 Paid $5,850 for six months' rent for office space effective August 1 . 4 Received $2,900 for a three-day northern lights viewing tour just completed. 7 Paid $1,450 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $400 for personal use. 22 Met with a Japanese tour guide to discuss a $145,000 tour contract. 31 Paid wages of $1,290. Assume Mark Diamond uses the straight-line method to depreciate the assets. Required: 1. Prepare General Journal entries to recold the August transactions. (If no enery is required for o particular transactionlevent, select "No journal entry required" in the first account field.) Journal entry worksheet 5. Using the following information, prepare the adjusting entries on August 31 . (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) a. The office furniture has an estimated life of three years and a $760 residual value. Use the straight-line method to depreciate the furniture. b. Two-thirds of the August 2 advance has been earned. c. One month of the Prepaid Rent has been used. d. The August telephone bill was not received as of August 31 but amounted to $310. 6. Prepare an adjusted trial balance. 7-a. Prepare a income statement for month ended August 31, 2023