The July 31, 20xx, post-closing trial balance for the Joan Miller Advertising Agency appears on the facing page. During August, the agency engaged in these transactions: Joan Mil1er Advertising Agency Post-Closing Trial. Balance July 31, 20xx

Cash	$9140
Accounts recievable	5000
Art supplies	1300
Office supplies	600
Prepaid rent	800
Prepaid insurance	880
Art equipment	4200
Accumlated depreciation, art equipment		70
office equipment	3000
accumlated depreciation, office equipment		50
accounts payable		3240
unearned art fees		600
wages payable		360
Joan miller, capital		20600

24,920 24,920

Aug 19- Paid amount due for the telephone bill that was recieved and recorded at the end of July $140

Aug 20- Performed advertising services for ward department store and agrred to accept payment next month $3200

Aug 21- Performed art services for cash $580

Aug22- Recieved and paid the utility bill for August $220

Aug23- Paid the secretary for two weeks wages $1200

Aug26- Paid the rent for September in advance, 800

Aug 27- Recieved the telephone bill for August which is to be paid next month, $160

Aug 30- Paid cash to Joan miller as a withdrawal for personal expenses $1400

REQUIRED ~ 1. Record entries in journal form and post to the ledger accounts the optional reversing entries on August 1 for Wages Payable and Accounts Receivable

2. Record the transactions for August in journal form. 3. Post the August transactions to the ledger accounts. 4. Prepare a trial balance in the Trial Balance columns of a work sheet. 5. Prepare adjusting entries and complete the work sheet using the information below: a. One month's prepaid rent has expired, $800. b. One month's prepaid insurance has expired, $80. c. An inventory of art supplies reveals $600 still on hand on August 31. d. An inventory of office supplies reveals $410 still on hand on August 31. e. Depreciation on art equipment for August is calculated to be $100. Depredation on office equipment for August is calculated to be $100. g. Art services performed for which payment had been received in advance totaled $1,300. h. Advertising services performed that W:i11 not be billed until. September total $290. i. Three days' wages had accrued by the end of August (assume a five-day week). 6. From the work sheet prepare an income statement, a statement of owner's equity; and a balance sheet. 7. Record the adjusting entries in journal form, and post them to the ledger accounts. 8. Record the closing entries in journal form, and post them to the ledger accounts. 9. Prepare a post-closing trial balance.