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During August, the following summary transactions were completed. Aug. 1 Paid $380 cash for advertising in local newspapers. Advertising flyers will be included with newspapers

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During August, the following summary transactions were completed. Aug. 1 Paid $380 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $380. (Hint: Use the Prepaid Rent account.) 6 Received $3,040 cash from customers in payment of accounts. 10 Paid $3,350 for salaries due employees, of which $2,020 is for August and $1,330 is for July salaries payable. 13 Received $3,910 cash for services performed in August. 15 Purchased additional equipment on account $2,060. 17 Paid creditors $2,060 of accounts payable due. 22 Purchased supplies on account $720. 24 Paid salaries $2,690. 27 Performed services worth $5,110 on account and billed customers. 29 Received $820 from customers for services to be provided in the future. 31 Declared and paid a $540 dividend. Record the above summary transactions. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. 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 O for the amounts.) On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Vaughn Ltd. Accounts payable $2,500 Accounts receivable 4,170 Accumulated depreciation-equipment 1,950 Cash 6,080 Common shares 10,800 Deferred revenue 1,370 Equipment 10,300 Interest receivable 19 Note receivable, due October 31, 2021 3.800 Retained earnings 7,519 Salaries payable 1,330 Supplies 1,100

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