On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order were reported by Waterway Ltd. Accounts payable $ 2,410 Accounts receivable 4,080 Accumulated depreciation-equipment 1.980 Cash 5.900 11,400 1,350 10,300 Common shares Deferred revenue Equipment Interest receivable Note receivable, due October 31, 2021 Retained earnings Salaries payable 20 4,000 6,610 1.550 Supplies 1,000 During August, the following summary transactions were completed. Aug. 1 3 6 10 Paid $ 430 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $ 400. (Hint: Use the Prepaid Rent account.) Received $ 2,970 cash from customers in payment of accounts. Paid $ 3.400 for salaries due employees, of which $ 1,850 is for August and $ 1.550 is for July salaries payable. Received $3,750 cash for services performed in August Purchased additional equipment on account $ 2,140. Paid creditors $ 2.140 of accounts payable due, Purchased supplies on account $ 810. Paid salaries $ 3.040. 13 15 17 22 24 27 Performed services worth $5,160 on account and billed customers. 29 Received $ 830 from customers for services to be provided in the future. 31 Declared and paid a $490 dividend. WATERWAY LTD. Trial Balance August 31, 2021 Debit Credit Accounts Payable $ $ Accounts Receivable Prepaid Rent Cash Common Shares Deferred Revenue Equipment Interest Receivable Notes Receivable Salaries Payable Supplies Prepaid Advertising Salaries Expense Service Revenue Dividends Declared $ Attempts: 0 of 3 used Submit Anwer Save for Later