5 *** Pro star clo. (SC (d) Prepare an income statement and a retained earnings statement for the year ended July 31, 2008. There were no issuances of stock during the year. (e) Prepare a classified balance sheet on July 31. 5-10 John Clais began operations as an event consultant on January 1, 2008. The trial balance columns of the work sheet on March 31 are as follows. JOHN CLAIS, INC. Work Sheet For the Quarter Ended March 31, 2008 Trial Balance Account Titles Dr. Cr. Cash 12,400 Accounts Receivable 2,620 Supplies 1.250 Prepaid Insurance 2,000 Equipment 32,000 Notes Payable 10,000 Accounts Payable 12,350 Common Stock 20,000 Dividends Service Revenue 13,620 Salaries Expense 3,200 Travel Expense 900 Rent Expense 1,000 600 Travel Expense Rent Expense 900 1.000 55,970 55,970 Other data: 1. Supplies on hand total $500, 2. Depreciation is $250 per quarter. 3. Interest accrued on a six-month note payable, issued January 1, $400, 4. Insurance expires at the rate of $180 per month 5. Services provided but unbilled at March 31 total $1,750, Instructions (a) Enter the trial balance on a work sheet, and complete the work sheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a clas- sified balance sheet on March 31. (e) Journalize the adjusting entries from the adjustments columns of the work sheet. (d) Journalize the closing entries from the financial statement columns of the work sheet