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  3. on august 31, cliff has the transactions shown bel

On August 31, Cliff has the transactions shown below which requires the accounting team to...

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Accounting

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On August 31, Cliff has the transactions shown below which requires the accounting team to make the necessary adjustments to reflert in tho ond af. Aug. 31 The equipment purchased on August 3 depreciated $2,500 during the month of August. Aug. 31 Clip'em Cliff performed $1,100 of services during August for the customer from the August 14 transaction. Aug. 31 Reviewing the company bank statement, Clip'em Cliff discovers $350 of interest earned during the month of August that was previously uncollected and unrecorded. As a new customer for the bank, the interest was paid by a bank that offered an above-market-average interest rate. Aug. 31 Unpaid and previously unrecorded income taxes for the month are $3.400. The tax payment was to cover his federal quarterly estimated income taxes. He lives in a state that does not have an individual income tax Use the above information to create: 1. Journal entries 2. Post to each to their respective ledger(s) 3. Create the 'Adjustments' column of the Irial Balance

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