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question analysis component position specifically he noted that his equity creasing 4281408


Analysis Component position, specifically, he noted that his equity creasing, my business is doing great.”Commen The owi nt- usting entries (monthly Problem 3-14A Journalizing, posting, adjust statements LO4,5,6,7 statements 104.sourmalizing, posting, adjusted trial balance, adjusting nce, Aug. 31, 2017m $4.600. 4. Dr = $19100; 6. Dr. any in the Northwest Territories K FIGURES: 3. Cash balance, Aug. 31, 2017 $4 n August 1, 2017, Delanie Tugut began a tour company i fours. The following occurred during the first month of operat 1 Purchased office furniture on account: $5.200 Delanie Tugut invested $7,000 cash into her new business. Paid $6,000 for six months' rent for office space effective August 1. hunt beginning the last week of Augu 2Collected $3,900 in advance for a three week guided caribou Received $3,000 for a four day northem lights viewing tour just completed Paid $1.500 for hotel expenses regarding the August 4 tour 15 Delanie withdrew cash of $500 for personal use t with a Japanese tour guide to discuss a $150,000 tour contract Paid wages of $1.300. 31 Required 1. Prepare general journal entries to record the August transactions. 2. Set up the following T-accounts: Cash (101); Prepaid Rent (131); Office Furniture (16I): lated Depreciation, Office Furniture (162); Accounts Payable (201); Unearned Revene Delanie Tugut, Capital (301); Delanie Tugut, Withdrawals (302); Revenue 401);: Deprecias pense, Office Furniture (602); Wages Expense (623); Rent Expense (640); Telephone (688); and Hotel Expenses (696). 3. Post the entries to the accounts; calculate the ending balance in each account. 4. Prepare an unadjusted trial balance at August 31,2017. 5. Use the following information to prepare and post adjusting entries on August 31 a. The office furniture has an estimated life of four years and a $208 residual value. 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 $320. 6. Prepare an adjusted trial balance 7. Prepare an income statement, a statement of changes in equity, and a balance sheet. is Component: When a company shows revenue on its income statement, does th equal to re venues was received during the period in which the revenues were reported t, does this mean 212

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