You will need to record the entries corresponding to the adjusting items that you have been given under the Description tab into a genral journal

Each entry must include a date, account names from chart of accounts list, and amounts in either the Dr or Cr column.

You will then need to transfer this information into Adjusted Trial Balance table based on the balances provided.

Business Name: Mr Heracles Olympus Trading As 'LaborNow!" "LaborNow!' is a labour hire firm owned and operated by Mr Heracles Ulympus. Mr Olympus has a large number of workers who he hires out to local firms to fill short-term contracts. Mostly his workers deal with cleaning and farming operations. Heracles has basic bookkeeping skills and has managed to do some needed balance day adjustments already. There are a few balance day adjustment items remaining that he was unsure on and so he has enlisted your help and has provided you with his unadjusted trial balance for the month of August 2020. Your task is to record the adjusting entries in the Journal', post these entries to the 'Ledger', manually prepare the 'Adjusted Trial Balance and finally help fill out the "Income Statement' and 'Balance Sheet'based on the 'Adjusted Trial Balance' for the month of August 2020. You can assume all other balance day adjustments not Llisted have already been accounted for and the bank loanis due in Aunust 2025 Relevant information: 1. Adjusting Items: Date Description 31/08/2020 The motor vehicle is depreciated using the straight line method. It has a useful life of 10 years and a zero residual value. The business has 7 sales staff. Each sales staff member's GROSS wage is $2450 per fortnight 31/08/2020 [PAYG withheld of $442]. At the end of the month, the business owed its sales staff 1 week worth of wages and that is yet to be recorded. Received $32340 (including GST) from a customer at the start of August 2020 for provision of 31/08/2020 some advanced cleaning services. At the time, the amount was recorded as unearned revenue and GST collected. The business managed to deliver these services by the end of August 2020. On August 1, 2020 the business deposited $38400 into a fixed deposit at ABC Bank. The interest 31/08/2020 offered was at 8% per annum and paid quarterly. The interest on the $38400 fixed deposit acrrued by the end of the month is yet to be recorded. On August 1, 2020 the business paid $22022 (including GST) for 11 months of office rent. This was 31/08/2020 recorded at the time as Prepaid Rent and GST Paid. Un Kugust II. zozu the business purchased 16 packs of markers worth $704 (including GST 31/08/2020 which were recorded as Office Supplies and GST Paid. Heracles counted the markers at the end of August 2020 and found that 9 packs of these markers have been consumed but their Consumntion has not been recorded The office furniture is depreciated using the straight line method. It depreciates at 25% per annum 31/08/2020 and is assumed to have a zero residual value. The business hires 2 general office assistants. Each assistant is paid a NET wages of $792 per 31/08/2020 week [PAYG withheld of $128]. At the end of the month, the business owed its office assistants 2 weeks of wages and that is yet to be recorded. 31/08/2020 On August 1, 2020 the business paid $11979 (including GST) for 11 months of business insurance. This was recorded at the time as Prepaid Insurance and GST Paid. Cr Acc. No. 101 102 103 104 111 141 142 Dr 349,376 53,452 73,902 59,348 13,694 10,890 20,020 10,366 40,320 143 10,080 84,000 Unadjusted Trial Balance "For the Month Ending 31/8/2020" Account Cash Accounts receivable Inventory Office Supplies GST Paid Prepaid Insurance Prepaid Rent Interest Receivable Office Furniture Accum. Depreciation - Office Furniture Motor Vehicle Accum. Depreciation - Motor Vehicle Accounts Payable GST Collected Interest Due Unearned Revenue Wages Payable Utilities Payable Consulting Fees Payable Bank Loan PAYG Withheld Capital Drawings Sales Revenue Service Revenue Interest Revenue Cost of Good Sold Computer Expense Office Supplies Expense Interest Expense Consulting Expense Insurance Expense Rent Expense Sales Commission Expense Utilities Expense Wage Expense Advertising Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture TOTAL 16,800 11,086 32,807 3,340 46,264 1.920 2,133 3.338 41,097 5,512 353,108 155 156 158 159 201 222 240 241 242 243 244 251 261 301 302 401 402 403 501 601 602 603 604 605 606 607 608 609 610 651 655 16,780 278,456 49,610 10,366 83,537 1,414 3,340 6,674 8,354 6,400 19,200 4,850 865 917 865,917 101 Chart of accounts Acco Account Name unt Cash 102 Accounts Receivable 103 Inventory 104 Office Supplies 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent 143 Interest Receivable 151 Computer equipment 152 Accum. Depreciation - Computer Equipment 155 Office Furniture 156 Accum. Depreciation - Office Furniture 158 Motor Vehicle 159 Accum. Depreciation - Motor Vehicle 201 Accounts Payable 222 GST Collected 240 Interest Due 241 Unearned Revenue 242 Wages Payable 243 Utilities Payable 244 Consulting Fees Payable 251 Bank Loan 261 PAYG Withheld 301 Capital 302 Drawings 401 Sales Revenue 402 Service Revenue 403 Interest Revenue 501 Cost of Good Sold 601 Computer Expense 602 Office Supplies Expense 603 Interest Expense 604 Consulting Expense 605 Insurance Expense 606 Rent Expense 607 Sales Commission Expense 608 Utilities Expense 609 Wage Expense 610 Advertising Expense 651 Depreciation Expense - Motor Vehicle 655 Depreciation Expense - Office Furniture 658 Depreciation Expense - Computer Equipment 101 Cash Date Explanation | 31/08/2020 unadjusted Balance Credit Debit Debit 349,376 Balance 349,376 Dr Credit Balance 5,512 5,512 Cr Debit 102 Accounts Receivable Date 31/08/2020 Unadjusted Balance Explanation Credit Debit 53,452 Balance 53,452 Dr Credit 353,108 Balance 353,108 Cr Debit Credit 103 Inventory Date Explanation 31/08/2020 unadjusted Balance Credit 16,780 Balance 16,780 Dr Debit 73.902 Balance 1 73.902 Dr 261 PAYG Withheld Date Explanation 31/08/2020 Unadjusted Balance 301 Capital Date Explanation 31/08/2020 Unadjusted Balance 302 Drawings Date Explanation 31/08/2020 Unadjusted Balance 401 Sales Revenue Date Explanation 31/08/2020 unadjusted Balance 402 Service Revenue Date Explanation 31/08/2020 Unadjusted Balance 403 Interest Revenue Date Explanation 31/08/2020 unadjusted Balance 501 Cost of Good Sold Date Explanation 31/08/2020 Unadjusted Balance Debit Balance Credit 278,456 278,456 Or Credit Debit 59,348 104 Office Supplies Date Explanation 31/08/2020 Unadjusted Balance 111 GST Paid Date Explanation 31/08/2020 Unadjusted Balance Balance 59,348 Dr Debit Credit 49,610 Balance 49,610 Or Credit Debit 13.694 Balance 13,694 Dr Debit Credit 10,366 Balance 10,366 Or 141 Prepaid Insurance Date Explanation 31/08/2020 Unadjusted Balance Credit Debit 10,890 Balance 10,890 Dr Credit Debit 83,537 Balance 83,597 Dr 142 Prepaid Rent Date Explanation 31/08/2020 Unadjusted Balance Credit Debit 20.020 Balance 20.020 Dr Credit Debit 1,414 Balance 1,414 Dr 601 Computer Expense Date Explanation | 31/08/2020 Unadjusted Balance 602 Office Supplies Expense Date Explanation 31/08/2020 Unadjusted Balance Credit Debit 10,366 Balance 10,366 Dr Debit Credit Balance Credit Debit 40,320 Balance 40,320 Dr Credit Debit 3,340 Balance 3,340 Dr 143 Interest Receivable Date Explanation 31/08/2020 Unadjusted Balance 155 Office Furniture Date Explanation 31/08/2020 Unadjusted Balance 156 Accum. Depreciation - Office Furniture Date Explanation 31/08/2020 Unadjusted Balance 158 Motor Vehicle Date Explanation 31/08/2020 unadjusted Balance 159 Accum. Depreciation - Motor Vehide Date Explanation 31/08/2020 Unadjusted Balance Debit Credit 10,080 Balance 10,080 Cr Credit Debit 6,674 Balance 6,674 Dr Credit Debit 84,000 Debit Balance 84,000 Dr Credit Balance 603 Interest Expense Date Explanation 31/08/2020 Unadjusted Balance 604 Consulting Expense Date Explanation 31/08/2020 Unadjusted Balance 605 Insurance Expense Date Explanation 31/08/2020 Unadjusted Balance 606 Rent Expense Date Explanation 31/08/2020 Unadjusted Balance 607 Sales Commission Expense Date Explanation 31/08/2020 Unadjusted Balance 608 Utilities Expense Date Explanation 31/08/2020 Unadjusted Balance Debit Debit Credit 16,800 Balance 16,800 Cr Credit Balance 201 Accounts Payable Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Credit Balance 11,086 11,086 Cr Debit 8,354 Balance 8,354 Dr 222 GST Collected Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Credit 32.807 Balance 32,807 Or Debit 6,400 Balance 6,400 Dr Credit Balance 240 Interest Due Date Explanation 31/08/2020 Unadjusted Balance 609 Wage Expense Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Balance 3,340 3,340 Cr Debit 19,200 19,200 Dr Credit Balance 610 Advertising Expense Date Explanation 31/08/2020 Unadjusted Balance 241 Unearned Revenue Date Explanation 31/08/2020 Unadjusted Balance Debit Debit 4,850 Credit 46,264 Balance 46,264 Cr 4,850 Dr Debit Balance Credit 242 Wages Payable Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Balance 1.920 1.920 Cr 651 Depreciation Expense - Motor Vehide Date Explanation 31/08/2020 Unadjusted Balance 655 Depreciation Expense - Office Furniture Date Explanation | 31/08/2020 Unadjusted Balance Debit Credit Balance 243 Utilities Payable Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Balance 2.133 2.133 CF Debit Credit 3,338 Balance 3,338 Cr 1 244 Consulting Fees Payable Date Explanation 31/08/2020 Unadjusted Balance 251 Bank Loan Date Explanation 31/08/2020 Unadjusted Balance Debit Credit Balance 41,097 41,097 Cr