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I have completed question 1. and looking for help in second attachment Question 5. Thank you!! :) On August 1, 2023. Mark Diamond began a
I have completed question 1. and looking for help in second attachment Question 5. Thank you!! :)
On August 1, 2023. Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Aug. 1 Purchased office furniture on account; $6,209. Mark Diamond invested $8,090 cash into his new business. 2 Collected $5,400 in advance for a three-week guided caribou watching tour beginning later in August. 3 paid $7,500 for six months' rent for office space effective August 1. 4 Received $4,090 for a four-day northern lights viewing tour just completed. Paid $2,009 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $600 for personal use. 22 Met with a Japanese tour guide to discuss a $290,089 tour contract. 31 Paid wages of $1,409. Assume Mark Diamond uses the straight-line method to depreciate the assets. Required: 1. Prepare General Journal entries to record the August transactions. (If no entry Is required for a particular transaction/event, select "No journal entry required" In the first account fleld.) View transaction list View journal entry worksheet No Date General Journal Debit Credit August 01. 2023 Office furniture .200 Accounts payable 6,200 2 August 01. 2023 Cash 8,000 Mark Diamond, Capital 8,000 3 August 02, 2023 | Cash 5,400 Unearned revenue 5.400 4 August 03, 2023 Prepaid rent 7,500 Cash 7,500 5 August 04, 2023 Cash 1,00 Revenue 4,000 6 |August 07. 2023 Hotel expenses 2,000 Dash 2.000 7 August 15, 2023 Mark Diamond, Withdrawals 800 Cash 60 0 8 August 22. 2023 No journal entry required 9 August 31, 2023 Wages expense 1,400 Cash 1,4005. 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 four years and a $728 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 $420. View transaction list Journal entry worksheet 2 3 4 Record the adjusting entry for depreciation expense of office furniture. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 31 Record entry Clear entry View general journalStep by Step Solution
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