Healy Corporation had the following operating events occur during the month of August 2010. Healy Corporation fiscal year end is August 31.
1) Paid $5,000 for four months' rent in advance.
2) Received and paid $950 bill for advertising.
5) Purchased $300 of office supplies on account.
21) Paid $700 for life insurance on the company president. This is a semiannual premium and the first time the company has insured the president.
21) Recieved phone bill for $240 to be paid on August 30.
26) Paid $365 postage to mail advertising brochures to customers.
30) Paid phone bill additional information: Account balances for August 1: office supplies $3,100 information for adjusting entries: office supplies on hand, August 31,2010 1,250
Question A: Make the apropriate entries for the events in August
B: Show how the results of these events are presented on Healy Corporation's financial statements