On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were -eported by Sheffield Ltd. During August, the following summary transactions were completed. Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered Aug. 1 during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $370. (Hint: Use the Prepaid Rent account.) 6 Received $3,290 cash from customers in payment of accounts. 10 Paid $3,330 for salaries due employees, of which $1,860 is for August and $1,470 is for July salaries payable. 13 Received $3,800 cash for services performed in August. 15 Purchased additional equipment on account $2,000. 17 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $830. 24 Paid salaries $2,860. 27 Performed services worth $5,190 on account and billed customers. 29 Received $760 from customers for services to be provided in the future. 31 Declared and paid a $510 dividend. Sheffield records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's worth of advertising services have been received. 2. The August rent has expired. 3. Accrued salaries payable are $1,650. 4. Depreciation for the month is $204. 5. Supplies on hand at August 31 are $940. 6. Services were performed to satisfy $840 of Deferred revenue. 7. One month of interest income related to the $4,200 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. 8. Income tax of $280 is estimated to be owed for the month of August. Prepare the August adjusting journal entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1. Aug. Advertising Expense Prepaid Advertising 2. 31 Rent Expense Prepaid Rent 3. 31 Salaries Expense Salaries Payable 4. 31 Depreciation Expense Accumulated Depreciation- Equipment 5. 31 Supplies Expense Supplies 6. 31 Deferred Revenue Service Revenue 7. 31 Interest Receivable interest income 8. 31 Income Tax Expense income Tax Payable