The Trial Balance of Patty O'Furniture Repair Service, as of August 1, 2023, showed the following account balances:

Patty O'Furniture Repair Service

Trial Balance

1-Aug-23

Account Debit Credit

Cash $24,700

Accounts Receivable $7,000

Office Supplies $1,300

Prepaid Insurance $900

Equipment $27,000

Accumulated Depreciation - Equipment $12,000

Accounts Payable $2,500

Salaries Payable $5,000

Common Stock $16,000

Retained Earnings $25,400

Total $60,900 $60,900

During August 2023, Patty O'Furniture Repair Service experienced the following transactions:

1. Aug 2 - Issued shares of common stock in exchange for cash, $4,000

2. Aug 4 - Purchased equipment for $18,000

3. Aug 7 - Performed furniture repair services for a customer of which $1,500 was in cash and $6,500 on account. Record as a compound journal entry.

4. Aug 11 - Received a bill for utilities, $600. The bill will be paid in September.

5. Aug 11 - Paid the current outstanding Accounts Payable balance in full 6. Aug 15 - Received cash for previous services on account, $1,000

7. Aug 16 - Prepaid September's rent expense, $900

8. Aug 20 - Paid the following expenses in cash. Record as a compound journal entry.

a. Advertising, $1,750 b. Repairs and Maintenance, $85

9. Aug 24 - Customer paid $9,600 for furniture repair services to be performed in September

10. Aug 25 - Collected 50% of the current Accounts Receivable balance 11. Aug 30 - Paid a $1,800 cash dividend

12. Aug 31 - Purchased a $42,000 delivery truck in exchange for a 10-year, 5%, note (loan)

The company also made several adjustments to their accounts on August 31, as follows:

1. There were $800 of office supplies on hand at the end of August

2. Accrued salaries of $4,500

3. One month of the insurance policy expired; the Aug-1 account balance represented three remaining months on the policy

4. Recorded depreciation on the equipment, $188

Please help me do the following requirements using the above information.

1. Record the months transactions in journal format & post each transaction to the T-accounts

2. Record the adjustments (adjusting entries) in journal format

3. Post the adjustments to T-accounts to determine the adjusted account balances; label these as "Adj" in the T-accounts

4. Prepare an Adjusted Trial Balance

5. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for August

6. Prepare closing entries in journal format and post to T-accounts; date each entry as Aug 31; label these as "Clos" in the T-accounts; Be sure to show End Balances

7. Prepare a Post-closing Trial Balance