Problem $3-14$A Journalizing, posting, adjusted trial balance, adjusting entries $($monthly$),$ financial statements LO$4,5,6,7$

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:

Aug. $1$ Purchased office furniture on account; $$4,700.$

$1$ Mark Diamond invested $$6,700$ cash into his new business.

$2$ Collected $$3,450$ in advance for a three$-$week guided caribou watching tour beginning later in August.

$3$ Paid $$5,550$ for six months rent for office space effective August $1.$

$4$ Received $$2,700$ for a three$-$day northern lights viewing tour just completed.

$7$ Paid $$1,350$ 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 $$135,000$ tour contract.

$31$ Paid wages of $$1,270.$

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.$)$

$.$prepare post the entries to the accounts calculate the ending balance in each account