On August 1, 2023, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Aug. 1 Purchased office furniture on account; $5,400. 1 Mark Diamond invested $7,200 cash into his new business. 2 Collected $4,200 in advance for a three-week guided caribou watching tour beginning later in August. 3 Paid \$6,300 for six months' rent for office space effective August 1. 4 Received $3,200 for a four-day northern lights viewing tour just completed. 7 Paid $1,600 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $400 for personal use. 22 Met with a Japanese tour guide to discuss a $160,000 tour contract. 31 Paid wages of $1,320. 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/event, select "No journal entry required" in the first account field.) 2\&3. Post the entries to the accounts; calculate the ending balance in each account. 4. Prepare an unadjusted trial balance at August 31, 2023. 5. 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 four years and a $312 residual value. Use the straight-line method to depreciate the 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 $340. Journal entry worksheet Record the adjusting entry for depreciation expense of office furniture. Note: Enter debits before credits. 6. Prepare an adjusted trial balance. 7-a. Prepare a income statement for month ended August 31, 2023. 7-b. Prepare a statement of changes in equity for month ended August 31, 2023