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. Purchased oftice furniture on account: $6,100. 1 Mark Diamond invested $7,900 cash into his new business. 2 collected $5,250 in advance for a three-veek guided caribou watching tour beginning later in August. 3 Paid 57,350 for six months rent for ortice space effective August 1. 4 Received 53,900 for a four-day northern lights viewing tour just completed 7 Paid $1,950 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $500 for personal use. 22 Met with a Japanese tour guide to discuss a $195,000 tour contract. 31 Paid wages of $1,390. Assume Mork 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 field.) View transaction lit Journal entry worksheet 5 8 9 > Record the purchase of office furniture on account. Note: Enter debits before credits 3. Post the entries to the accounts, calculate the ending balance in each account. 101:Cash 131:Prepaid Rent Beg.bal Beg bal End.bal End.bal 161:Office Furniture 162:Accum. Deprec., Office Furniture Beg bal Beg bal End.bal. End.bal 201:Accounts Payable 233:Unearned Revenue Beg bal Bog.bal End.bal End.bal. 301. Mark Diamond, Capital 302:Mark Diamond, Withdrawals Beg bal Beg bal 301:Mark Diamond, Capital 302:Mark Diamond, Withdrawals Beg bal. Beg bal End.bal. End.bal 401: Revenue 602:Deprec. Exp., Office Furniture Bog.bal Beg bal End.bal End bal 623:Wages Expense 640:Rent Expense Bog.bal Beg.bal. End.bal End.bal 688: Telephone Expense 696:Hotel Expenses Beg bal Bog bal. 5-a. Prepare a income statement for month ended August 31, 2020. MILLENNIUM ARTIC TOURS Income Statement + For Month Ended August 31, 2020 Operating expenses: Total operating expenses 5-b. Prepare a statement of changes in equity for month ended August 31, 2020. MILLENNIUM ARTIC TOURS Statement of Changes in Equity tor Month Ended August 31, 2020 Mark Diamond, capital, August 1 Total Mark Diamond, capital, August 31 5-c. Prepare a balance sheet for month ended August 31, 2020. (Be sure to list the assets and liabilities in order of their liquidity) MILLENNIUM ARTIC TOURS Balance Sheet August 31, 2020 Assets Total Assets Liabilities Total Liabilities Equity Total abilities and equity
