During August, the last month of the fiscal year, the company had the following transactions: Aug. 1 Paid $1,770 for August's rent. 2 Paid $6,500 of the amount included in Accounts Payable. 4 Sold merchandise costing $7,900 for $12,000cash. 5 Purchased merchandise on account from Orange Line Co., n/30, FOB shipping point, for $24,000. 5 Paid freight charges of $530 on merchandise purchased from Orange Line Co. 8 Purchased supplies on account for $360 9 Refunded a customer $425 cash for returned merchandise. The merchandise had cost $262 and was returned to inventory. 10 Sold merchandise on account to Spider Company for $16,050, terms 2/10,n/30,FOB shipping point. The merchandise had a cost of $9,705. 11 Paid Orange Line Co, for half of the merchandise purchased on August 5. 12 Spider Company returned $750 of the merchandise it purchased. Sandhill Shop issued Spider a credit to its account. The merchandise had a cost of $461 and was returned to inventory. 15 Paid salaries, $3,160 19 Spider Company paid the amount owing. The Sandhill Shop, owned by Andrew John, sells skateboards in the summer and snowboards in the winter. The shop has an August 31 fiscal year end, and uses a perpetual inventory system and the earnings approach. On August 1,2024, the company had the following balances in its general ledger: During August, the last month of the fiscal year, the company had the following transactions: Question 1 of 1 10 Sold merchandise on account to Spider Company for $16,050, terms 2/10,n/30,FOB shipping point. The merchandise had a cost of $9,705. 11 Paid Orange Line Co. for half of the merchandise purchased on August 5. 12 Spider Company returned $750 of the merchandise it purchased. Sandhill Shop issued Spider a credit to its account. The merchandise had a cost of $461 and was returned to inventory. 15 Paid salaries, $3,160 19 Spider Company paid the amount owing. 21 Purchased $9,700 of merchandise from Rainbow Option Co. on account, terms 2/10,n/30,FOB destination. 23 Returned $800 of the merchandise to Rainbow Option Co. and received a credit on the account. 24 Received $520 cash in advance from customers for merchandise to be delivered in September. 30 Paid salaries, $3,160 30 Paid Rainbow Option Co, the amount owing. 31 Andrew John withdrew $4,900 cash. Aug.1 Balance Sales Date Explanation Ref. Debit Credit Balance Aug. 1 Balance Sales Returns and Allowances Date Explanation Ref. Debit Credit_ Balance Aug. 1 Balance \begin{tabular}{|l|l|} \hline & \multicolumn{1}{c|}{ Rent Revenue } \\ Date Explanation Ref. Debit Credit & Balance \\ Aug.1 Balance & \\ \hline Date Explanation of Coods Sold Debit Credit & Balance \\ \hline \end{tabular} Aug. 1 Balance Question 1 of 1 Accumulated Depreciation-Equipment Date Explanation Ref. Debit Credit Balance Aug.1 Balance Accountis Payable Date Explanation Ref. Debit Credit Balance Aug.1 Balance Unearned Revenue Date Explanation Ref. Debit Credit Balance Aug.1 Balance Notes Payable Date Explanation Ref. Debit Credit Balance Aug.1 Balance A. Taylor, capitall Create a general ledger account for each of the above accounts and enter the August 1 balances. Question 1 of 1 11 Date Explanation Ref Debit credit - Aug. 1. Balance Stalaries lixpense Date Explanation Ref. Debit Credit Ballance Aug. 1. Balance Rent Exprense Date Explanation Ref. Debit Credit Balance Aug. 1 Ballance Tnsurance lixpense Date Explanation Ref. Debit Credit - Aug. 1 Balance Intererest likpense Date Explanation Ref. Debit Credit Balance