On August 1,2023 , Mark Diamond began a tour company in the Northwest Ierritories called Millennium Arctic lours. 1he tollowing occurred during the t Aug. 1 Purchased office furniture on account, $4,700 1 Mark Diamond invested $6,100 cash into his new business. 2 Collected \$2.550 in advance for a three-week guided caribou watching tour beginning later in August 3 Paid \$4.650 for six months' rent for office space effective August 1 . 4 Received \$2,100 for a four-day northern lights viewing tour just completed. 7 Paid S1,050 for hotel expenses regarding the August 4 tour. I5 Mark withdrew cash of $600 for personal use. 22 Met with a Japanese tour guide to discuss a $100,000 tour contract. 31 Paid wages of $1,210. Required 1. Prepare general journal entries to record the August transactions. 2. Set up the following T-accounts: Cash (101); Prepaid Rent (131); Office Furniture (161); Accumulated Depreciation, Office Furniture (162); Accounts Pa Mark Diamond, Withdrawals (302); Revenue (401); Depreciation Expense, Office Furniture (602): Wages Expense (623); Rent Expense (640); Telephon 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. Use the following information to prepare and post adjusting entries on August 31: a. The office furniture has an estimated life of three years and a $272 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 $230. 6. Prepare an adjusted trial balance. 7. Prepare an income statement, a statement of changes in equity, and a balance sheet