At the end of its first month of operations, Watson Answering Service has the following unadjusted trial balance: WATSON ANSWERING SERVICE August 31, 2020 Trial Balance DEBIT P5,400 2,400 2,800 1,300 60,000 CREDIT Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Ray Watson, Capital Ray Watson, Drawing Service Revenue Salaries Expense Utilities Expense Advertising Expense P40,000 2,400 30,000 4,900 1,000 3,200 800 400 P77.300 P77.300 Other data: 1. Insurance expires at the rate of P200 per month 2. P1,000 of supplies are on hand at August 31. 3. Monthly depreciation on the equipment is P900. 4. Interest of P500 on the notes payable has accrued during August Instructions: (a) Prepare a worksheet. b) Prepare a classified balance sheet assuming P35,000 of the notes payable are long-term. (c) Journalize the closing entries