Hi,

I need help recording the transactions for this question, along with a trial balance, income statement, statement of changes in equity, and a statement of financial position.

Anything helps,

thanks

Accounting Cycle Review 9-1 Ivanhoe Images Ltd. has been in operation for several years. It wholesales furniture to its customers. The company's post-closing trial balance at July 31, 2018, the end of its fiscal year, is presented below: IVANHOE IMAGES LTD. Post-Closing Trial Balance July 31, 2018 Debit Credit Cash $ 186,620 2,841,800 Accounts receivable Allowance for doubtful accounts Inventory $ 304,100 529,900 213,390 Equipment 75,377 Accumulated depreciation-equipment Accounts payable Bank loan payable Common shares 971,840 355,200 311,400 1,753,793 $3,771,710 Retained earnings $3,771,710 The company had a limited amount of business activity in August 2018 because of holidays for both the company and its major customers. You have been hired on a temporary basis to update the company's records for August. The August transactions and adjustments are presented below: Aug. 1 Paid $19,390 for office expenses and $3,477 for the August rent. 2 Accepted a six-month, 8% note in exchange for Chen Enterprises' overdue account receivable of $99,000. 3 Sale on account to Chavier Ltd. for $483,700, terms 2/10, n/30. Cost of goods sold, $263,670. The company uses a perpetual inventory system. 8 Determined that an account receivable from Densmore Ltd. of $74,770 is uncollectible. 9 A $303,800 partial payment on account was received from Chavier (see August 3 transaction). 10 Old equipment was sold for $6,440. The equipment's original cost was $74,190; accumulated depreciation to the date of disposal was $63,062. 14 Paid a $9,470 income tax instalment. 21 Purchased a patent for $24,360 cash. The estimated useful life of the patent is five years; the legal life, 20 years. 31 Recorded cash received from sales of digital library images for the month, $74,880. The cost of goods sold is $35,400. 31 The monthly bank statement revealed the following unrecorded items: interest on bank loan, $1,570, and bank service charges, $1,235. 31 Reviewed outstanding accounts receivable. Determined, through an aging of accounts, that doubtful accounts totalled $318,060 at month end. 31 Recorded depreciation for the month on the remaining equipment that cost $139,200 and is still in use. Useful life of all equipment is estimated to be four years with no residual value. The straight-line method of depreciation is used and depreciation is calculated to 31 Recorded and paid salaries for the month of $97,400. 31 Accrued interest on the Chen Enterprises' note receivable (see August 2 transaction). 31 Recorded amortization on the patent (see August 21 transaction). A full month's amortization is recorded on any intangible assets acquired during the month