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i need help with the journal entrys for this qustion. i keep getting the wrong answers. i also need help with the second part On
i need help with the journal entrys for this qustion. i keep getting the wrong answers. i also need help with the second part
On August 1, 2020, 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; 54,700. 1 Mark Diamond Invested 56,100 cash into his new business 2 Collected $2,55e in advance for three-week guided caribou watching tour beginning later in August. 3 Paid $4,650 for six months' rent for office space effective August 1. 4 Received $2,100 for a four-day northern Lights viewing tour just completed. 7 Pald $1,050 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 $100,000 tour contract. 31 Paid wages of $1,218. Assume Mark Diamond uses the straight-line method to depreciate the assets. 2. 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 $272 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 $230 Step by Step Solution
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