On August 1, 2022, the following were the account balances of Riverbed Repair Services Debit Credit $610 Cash 56.160 Accounts Receivable 2.970 2.350 Notes Receivable 4.000 Accumulated Depreciation Equipment Accounts Payable Uneared Service Revenue Salaries and Wages Payable Owner's Capital 1.290 Supplies 1,050 1.450 Equipment 10,200 18,680 524,300 $24310 During August, the following summary transactions were completed, Aug 1 5 10 12 Paid $410 cash for advertising in local newspapers Advertising flyers will be included with newspapers delivered during August and September Paid August rent $390 Received $1.220 cash from customers in payment on account Paid $3.180 for salaries due employees, of which $1.730 is for August and $1.450 is for July satarres payable Received $2,840 cash for services performed in August, Purchased store equipment on account $2.040 Paid creditors $2.000 of accounts payable due Purchased supplies on account 5820 Paid $2.960 cash for employees'salaries Billed customers 53,640 for services performed Received $800 from customers for services to be performed in the future 15 20 25 27 Adjustment data: 1 2 2 A count shows supplies on hand of 5980 Accrued but unpaid employees salaries are $1.570. Depreciation on equipment for the month is $330. Services were performed to satisy 5820 of unearned service revenue. One month's worth of advertising services has been received. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate 5 6 Joumalize the closing entries (Credit account titles are automatically indented when the amount is entered. Do not indent manually no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Date Debit Credit Aug. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) Aug. 31 (To close net income to capital) Owner's Capital 8/1 Bal 18,680 Income Summary Service Revenue 8/12 2860 8/27 3.840 8/31 820 Interest Revenue 8/31 20 Depreciation Expense 8/31 330 Depreciation Expense B/31 330 Supplies Expense 8/31 890 Salaries and Wages Expense B/10 1.730 > 8/25 2.960 > 8/31 1570 > > Rent Expense 8/31 390 > Advertising Expense 8/31 205