Problem 3-14A Journalizing, posting, adjusted trial balance, adjusting entries (monthly), financial statements LO4, 5, 6, 7 copy 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; $4,700. Mark Diamond invested $6,700 cash into his new business. 2 Collected $3,450 in advance for a three-week guided caribou watching tour beginning later in August. 3 Paid $5,550 for six months' rent for office space effective August 1 . 4 Received $2,700 for a three-day northern lights viewing tour just completed. 7 Paid $1,350 for hotel expenses regarding the August 4 tour. 15 Mark withdrew cash of $600 for personal use. 22 Met with a Japanese tour guide to discuss a $135,000 tour contract. 31 Paid wages of $1,270. Assume Mark Diamond uses the straight-line method to depreciate the assets. 2\&3. Post the entries to the accounts; calculate the ending balance in each sccount. 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 fleld.) a. The office furniture has an estimated Iffe of three years and a $488 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 Prepald Rent has been used. d. The August telephone bill was not recelved as of August 31 but amounted to $290. 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. 7.c. Prepare a balance sheet for month ended August 31, 2023. (Be sure to Ilst the assets and Ilabilitles In order of thelr llquidity.)