Introduction to Accounting An Integrated Approach Eighth Edition Chapter 8 P8.1

8.1 Farris Corporation had the following operating events occur during the month of Augusy 2018. Farris Corporation's fiscal year-end is August 31. 1 Paid $5,000 for four months' rent in advance. 2 Received and paid $950 bill for advertising. 5 Purchased $300 of office supplies on account. 15 Paid $700 for life insurance on the company president. This is a semiannual premium and the first time the company has insured the president. 21 Received phone bill for $240 to be paid on August 30 . 26 Paid $365 postage to mail advertising brochures to customers. 30 Paid phone bill. ired: A. Make the appropriate entries for the events in August. B. Show how the results of these events are presented on Farris Corporation's financial statements