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 $6,300 cash into his new business.  2 Collected $2,850 in advance for a three-week guided caribou watching tour beginning later in August.  3 Paid $4,950 for six months’ rent for office space effective August 1.  4 Received $2,300 for a three-day northern lights viewing tour just completed.  7 Paid $1,150 for hotel expenses regarding the August 4 tour.  15 Mark withdrew cash of $400 for personal use.  22 Met with a Japanese tour guide to discuss a $115,000 tour contract.  31 Paid wages of $1,230.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.)

Delta Diamonds had 5 diamonds available for sale this year: 1 purchased June 1 for $500, 2 purchased July 9 for $550 each, and 2 purchased September 23 for $600 each. On December 24, it sold 1 of the diamonds. Using FIFO, its Cost of Goods Sold for the year ended is ______.Multiple choice question.$600$1,200$550$500$1,100

Delta Diamonds had 5 diamonds available for sale this year: 1 purchased June 1 for $500; 2 purchased July 9 for $550 each; and 2 purchased September 23 for $600 each. On December 24, it sold 1 of the diamonds. Using LIFO periodic, its Cost of Goods Sold is ______.Multiple choice question.$1,100$1,200$500$600$550

Delta Diamonds had 5 one-carat diamonds available for sale this year: 1 purchased June 1 for $500, 2 purchased July 9 for $550 each, and 2 purchased September 23 for $600 each. On December 24, it sold 1 of the diamonds that was purchased on July 9. Using periodic specific identification, its Cost of Goods Sold is ______.Multiple choice question.$500$1,100$550$600$1,200

On the first day of the New Year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1000 for a listing in Yellow Pages, and $250 for an annual business license. She also leased a professional portrait camera and studio lighting equipment by signing an agreement to pay a monthly lease of $1000 each month for the next 12 months. This lease is ironclad: She must pay for all 12 months and she cannot sublease to anyone else. She rents her office and studio for $1,400 per month that must be paid at the beginning of each month. She does not have a lease on the office/studio, so she can vacate the office/studio at the end of any month should she decide to move to a new location or to go out of business. After she opens the office/studio on the first day of each month, her monthly cost of electricity for lighting the office and running her coffee machine is constant $45 per month, because she always keeps the lights on in the office and drinks the same amount of coffee no matter how many photos she shoots each month. Additional electricity is required for the portrait studio lights, which varies directly with number of hours the lights are used each month for photo sessions. Last year, before starting this business, the owner of Exquisite Portraits Inc. earned a salary of $5000 per month working at a bank. Answer the following questions about the costs for Exquisite Portraits Inc.:a. What are the monthly fixed costs, quasi-fixed costs, and variable costs for Exquisite Portraits Inc.?b. If the owner of Exquisite Portraits Inc. wants to close her studio and go out of business at the end of August, identify her sunk costs and avoidable costs.c. At the end of August, what role would the sunk cost play in the owner/photographer’s decision to go out of business?

Delta Diamonds had 5 one-carat diamonds available for sale this year: 1 purchased June 1 for $500, 2 purchased July 9 for $550 each, and 2 purchased September 23 for $600 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using a periodic specific identification, its Inventory after the December 24 sale is ______.Multiple choice question.$2,240$2,250$2,300$2,200$1,650$550