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; $4,700. 1 Mark Diamond invested $6,100 cash into his new business. 2 Collected $2,550 in advance for a 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 Paid $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 a $100,000 tour contract. 31 Paid wages of $1,210. 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 field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 1 Record the purchase of office furniture on account. 2 Record the owner investment. 3 Record the collected cash in advance. 4 Record the rent paid for 6 months. 5 Record the collected cash for work done. 6 Record the hotel expenses paid. 7 Record the owner withdrawals. 8 Record the discussion of a tour contract with a Japanese Note: A journal entry has been entered Record entry Clear entry Crec View general 5 Record the collected cash for work done. 6 Record the hotel expenses paid. 7 Record the owner withdrawals. 8 Record the discussion of a tour contract with a Japanese tour guide. 9 Record the wages paid. Note: == journal entry has been entered Record entry Clear entry 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. View transaction list, 1 Record the adjusting entry for depreciation expense of office furniture. 2 Record the adjusting entry for the two-thirds of the advance eamed. 3 Record the adjusting entry for one month of the prepaid rent. 4 Record the adinstinn entry for the accrued August phone i Credit