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 office furniture on account: $6,100. 1 Mark Diamond invested 57,900 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 $7,350 for six months' rent for oftice space effective August 1. 4 Received $3,900 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 $295,000 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 ist Journal entry worksheet 5 6 7 B 9 > Record the purchase of office furniture on account. Note: Enter debits before credits Journal entry worksheet Record the rent paid for 6 months. Note: Enter debits before credits. General Journal Date August 03, 2020 Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the owner withdrawals. Note: Enter debits before credits. Date General Journal Debit Credit August 15, 2020 Record entry Clear entry View general Journal Journal entry worksheet Record the adjusting entry for the two-thirds of the advance earned. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 31 Record entry Clear entry View general Journal Journal entry worksheet Record the adjusting entry for one month of the prepaid rent. Note: Enter debits before credits Date General Journal Debit Credit Aug. 31 Record entry Clear entry View general Journal uy worksheet 1 2. 3 > Record the adjusting entry for the accrued August phone expense. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 31 Record entry Clear entry View general journal 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 Beg bal End.bal End.bal. 201:Accounts Payable 233:Unearned Revenue Beg bal Beg.ba End.bal End.bal. 301: Mark Diamond, Capital 302:Mark Diamond, Withdrawals Beg bal Beg bal 301:Mark Diamond, Capital Beg bal. 302:Mark Diamond, Withdrawals Beg bal End.bal. End.bal 401: Revenue 602:Deprec. Exp., Office Furniture Beg bal. Beg bal End.bal End bal 623:Wages Expense 640:Rent Expense Beg.bal Bog.bal. End.bal End.bal 688: Telephone Expense 696:Hotel Expenses Beg bal Beg bal. 4. Prepare an adjusted trial balance. MILLENNIUM ARTIC TOURS Adjusted Trial Balance August 31, 2020 Account Title Debit Credit + Totals 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 + For 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 liabilities and equity