On August 1 2021, the beginning of its current fiscal year, the following opening account balances listed in alphabetical order were reported by ABC Corp.: Accounts payable 2,300 Interest re Accounts receivable 4,310 Note rece 31, 2021 2,000 Retained Accumulated depreciation - equipm... Cash 6,020 Salaries p Common Shares 12,000 Supplies Equipment 10,000 Unearned During August, the following summary transactions were completed: Aug. 1 - Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Use Prepaid Advertising account) Aug. 3 - Paid August rent of $380. (Use prepaid rent account) Aug. 6 - Received $3,200 cash from customers in payment of accounts. Aug. 10 - Paid $3,120 for salaries due employees, of which $1,700 is for August and $1420s tor my salaries pavable Interest is due at maturity. x 8. Income tax of $350 is estimated to be owed for the month of August. Instructions: Note: Show calculations where applicable

Prepare and post the August adjusting entries. Use the same T-accounts in part (2). (8 marks