On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The fo occurred during the first month of operations Aug. 1 Purchased office furniture on account; $4,700. 1 Mark Diamond invested $6,700 cash into his new business, 2 Collected $3,450 in advance for a three-week quided caribou watching tour beginning later in August, 3 Paid $5,550 for six months' rent for office space effective August 1. 4 Received $2,700 for a three-day northern lights viewing tour just completed. 7 Paid $1,350 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 $135,000 tour contract. 31 Paid wages of $1,270. 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/ "No journal entry required" in the first account field.) View transaction list X 1 Record the purchase of office furniture on account. 9 2 Record the owner investment. 3 Record the collected cash in advance. Record the rent paid for 6 months. 5 Record the collected cash for work done. bit 6 Record the hotel expenses paid. 7 Record the owner withdrawals. 8 Record the discussion of a tour contract with a Japanese Mata innal nantno han hann antarad 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 $488 residual value. Use the straight-line method to de 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 $290. 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 earned. View transaction list X 1 Record the adjusting entry for depreciation expense of office furniture. 2 Record the adjusting entry for the two-thirds of the advance earned 3 Record the adjusting entry for one month of the prepaid rent. 4 Credit Record the adjusting entry for the accrued August phone expense. 3. Post the entries to the accounts, calculate the ending balance in each account. 101:Cash Beg bal. 131:Prepaid Rent Beg bal End.bal. 0 End.bal. 0 161:Office Furniture 162:Accum. Deprec., Office Furniture Beg bal. Beg.bal. End.bal. 0 End.bal. O 201:Accounts Payable eg.bal. 233:Unearned Revenue + Beg bal. End.bal. nd.bal. 0 301:Mark Diamond, Capital 302:Mark Diamond, Withdrawals eg.bal. Beg bal. d.bal. 0 End.bal. 401:Revenue 602:Deprec. Exp., Office Furniture g.bal. Beg.bal