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; $4,800. 1 Mark Diamond invested $6,000 cash into his new business. 2 Collected $2,400 in advance for a three-week guided caribou watching tour beginning later in August. 3 Paid $4,500 for six months' rent for office space effective August 1. 4 Received $2,000 for a three-day northern lights viewing tour just completed.. 7 Paid $1,000 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 $100,000 tour contract. 31 Paid wages of $1,200. Assume Mark Diamond uses the straight-line method to depreciate the assets. 283. Post the entries to the accounts; calculate the ending balance in each account. Beg.bal. 101:Cash 131:Prepaid Rent Beg.bal End.bal. 0 End.bal. 0 161:Office Furniture Beg.bal. Beg.bal 162:Accum. Deprec., Office Furniture End.bal. 0 End.bal. 201:Accounts Payable Beg.bal Beg bal End.bal. 0 233:Unearned Revenue 0 End.bal. 0 301:Mark Diamond, Capital 302:Mark Diamond, Withdrawals Beg.bal. Beg.bal. End.bal. 0 End.bal. 0 401:Revenue 602:Deprec. Exp., Office Furniture Beg.bal Beg.bal. End.bal. End.bal. 0 623:Wages Expense Beg bal 640:Rent Expense Beg.bal End.bal. 0 End.bal 688:Telephone Expense 696:Hotel Expenses Beg.bal. Beg.bal. End.bal. End.bal. 0 4. Prepare an unadjusted trial balance at August 31, 2023 MILLENNIUM ARTIC TOURS Unadjusted Trial Balance August 31, 2023 Total Account Debit Credit 0 $ 0 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 three years and a $336 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 $220. View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for depreciation expense of office furniture. Note: Enter debits before credits. > Date Aug. 31 General Journal Debit Credit Record entry View general journal Clear entry ce 6. Prepare an adjusted trial balance MILLENNIUM ARTIC TOURS Adjusted Trial Balance August 31, 2023 Account Titie Debit Credit Totals S 0 $ 7-a. Prepare a income statement for month ended August 31, 2023 MILLENNIUM ARTIC TOURS Income Statement For Month Ended August 31, 2023 Operating expenses: Total operating expenses S 7-b. Prepare a statement of changes in equity for month ended August 31, 2023 MILLENNIUM ARTIC TOURS Statement of Changes in Equity For Month Ended August 31, 2023 Mark Diamond, capital, August 1 Total 0 0 Mark Diamond, capital, August 31 7-c. Prepare a balance sheet for month ended August 31, 2023. (Be sure to list the assets and liabilities in order of their liquidity.) MILLENNIUM ARTIC TOURS Balance Sheet August 31, 2023 Assets Total Assets Liabilities Total Liabilities Total liabilities and equity $ 0 Equity 0