Chapter 3 - Assignment 3 } Saved Help Save & Exit Submit Problem 3-14A Journalizing, posting, adjusted trial balance, adjusting entries (monthly), financial 1 statements LO4, 5, 6, 7 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: 62 points Aug. 1 Purchased office furniture on account; $5,600. 1 Mark Diamond invested $7,400 cash into his new business. 2 Collected $4,500 in advance for a three-week guided caribou watching tour beginning later in August. 3 Paid $6,600 for six months' rent for office space effective August 1. 4 Received $3,400 for a four-day northern lights viewing tour just completed. 7 Paid $1,700 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 $170,000 tour contract. 31 Paid wages of $1,340. Assume Mark Diamond uses the straight-line method to depreciate the assets. Required: 1. Prepare General Journal entries to record the August transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) /7 1 August 01, 2023 | Office furniture 5,600 Accounts payable 5,600 /7 2 August 01, 2023 |Cash 7,400 Mark Diamond, Capital 7,400 7 3 August 02, 2023 |Cash 4,500 Unearned revenue 4,500 /7 4 August 03, 2023 | Prepaid rent 6,600 Cash 6,600 /7 5 August 04, 2023 |Cash 3,400 Revenue 3,400 7 6 August 07, 2023 |Hotel expenses 1,700 Cash 1,700 7 7 August 15, 2023 |Mark Diamond, Withdrawals 600 Cash 600 7/ 8 August 22, 2023 |No journal entry required 7/ 9 August 31, 2023 |Wages expense 1,340 Cash 1,340 2&3. Post the entries to the accounts; calculate the ending balance in each account. L4 (e Chapter 3 - Assignment 3 } Saved 4 Help Save & Exit Submit 4. Prepare an unadjusted trial balance at August 31, 2023. 62 points Total $ 0| 0 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 field.) a. The office furniture has an estimated life of four years and a $416 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 Prepaid Rent has been used. d. The August telephone bill was not received as of August 31 but amounted to $360. Journal entry worksheet Record the adjusting entry for depreciation expense of office furniture. Note: Enter debits before credits. Aug. 31 Mc nn S