The unadjusted trial balance of Packer Corporation showed the following balances at the end of its first 12-month fiscal year ended August 31, 2015:

	Debits	Credits
Cash	$12,000
Accounts Receivable	3,600
Prepaid Insurance	-0-
Supplies	2,500
Land	15,000
Building	60,000
Furniture	3,000
Equipment	20,000
Accumulated Depreciation Building		$ -0-
Accumulated Depreciation Equipment		-0-
Accumulated Depreciation Furniture		-0-
Accounts Payable		4,400
Salaries Payable		-0-
Interest Payable		-0-
Unearned Commissions Revenue		1,200
Unearned Subscriptions Revenue		800
Bank Loan		47,600
Share Capital		52,100
Retained Earnings		-0-
Income Summary		-0-
Commissions Earned		37,900
Subscriptions Revenue		32,700
Advertising Expense	4,300
Depreciation Expense Building	-0-
Depreciation Expense Equipment	-0-
Depreciation Expense Furniture	-0-
Insurance Expense	1,800
Interest Expense	2,365
Salaries Expense	33,475
Supplies Expense	15,800
Utilities Expense	2,860
Totals	$176,700	$176,700

At the end of August, the following additional information is available:

1. The companys insurance coverage is provided by a single comprehensive 12-month policy that began on March 1, 2015.
2. Supplies on hand total $2,850.
3. The building has an estimated useful life of 50 years.
4. The furniture has an estimated useful life of ten years.
5. The equipment has an estimated useful life of 20 years.
6. Interest of $208 on the bank loan for the month of August will be paid on September 1, when the regular $350 payment is made.
7. A review of the unadjusted balance in the unearned commissions revenue account indicates the unearned balance should be $450.
8. A review of the unadjusted balance in the subscription revenue account reveals that $2,000 has not been earned.
9. Salaries that have been earned by employees in August but are not due to be paid to them until the next payday (in September) amount to $325.

Required:

1. Prepare the adjusting entries. Descriptions are not needed.
2. Post the adjusting entries to the general ledger T-accounts and calculate balances (optional but for your workings).
3. Prepare an adjusted trial balance and worksheet on August 31, 2015.
4. Prepare an income statement and balance sheet.