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Use the information in the table below (August Transactions) to complete the accounting cycle for Cliff Inc. Create records for: 1. Journals for all transactions 2. General Ledger 3. T/Accounts 4. Adjusting Journals 5. Trial Balances - Unadjusted, Adjustments, Adjusted TB, Income Statement \& Balance Sheet 6. Create an Income Summary account and close all temporary accounts, including Revenues, Expenses and Dividend, if any. 7. Create the Post-Closing TB 8. Calculate a. Current Ratio b. Working Capital \begin{tabular}{|l|l|} \hline Aug. 1 & Cliff issues $70,000 shares of common stock for cash. \\ \hline Aug. 3. & Cliffpurchasesbarberingequipmentfor$45,000;$37,500waspaidimmediatelywithcash,andtheremaining$7,500wasbilledtoCliffwithpaymentduein30days.Hedecidedtobuyusedequipment,becausehewasnotsureifhetrulywantedtorunabarbershop.Heassumedthathewillreplacetheusedequipmentwithnewequipmentwithinacoupleofyears. \\ \hline Aug. 6 & Cliff purchases supplies for $300 cash. \\ \hline Aug. 10 & Cliffprovides$4,000inservicestoacustomerwhoaskstobebilledfortheservices. \\ \hline Aug. 13 & Cliff pays a $75 utility bill with cash. \\ \hline Aug. 14 & Cliffreceives$3,200cashinadvancefromacustomerforservicesnotyetrendered. \\ \hline Aug. 16 & Cliff distributed $150 cash in dividends to stockholders. \\ \hline Aug. 17 & Cliff receives $5,200 cash from a customer for services rendered. \\ \hline Aug. 19 & Cliffpaid$2,000towardtheoutstandingliabilityfromtheAugust3transaction. \\ \hline Aug. 22 & Cliff paid $4,600 cash in salaries expense to employees. \\ \hline Aug. 28 & ThecustomerfromtheAugust10transactionpays$1,500cashtowardCliffsaccount. \\ \hline \end{tabular}

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