On October 1, James, the sole stockholder, began operations of James Tours Corporation, a business that provides day tugboat tours to tourists.

Following are the transactions that occurred for the corporation during their first month of operation.

Oct 1 James invested $50,000 cash and a tugboat valued at $100,000 in exchange for common stock. Oct 2 James paid $10,000 cash for new tugboat equipment. Oct 3 James bought boating supplies inventory costing $2,500 on credit. Oct 4 James paid $1,000 cash for the first month's dock rental. Oct 5 James paid $3,000 cash for a six-month liability insurance policy. Oct 10 James gave a client a tour and immediately received $8,000 cash. Oct 12 James provided a tour to a client and billed them $5,000. Oct 19 James paid for the boating supplies inventory originally purchased on Oct 3. Oct 22 James received full payment from the client billed on Oct 12. Oct 25 James received $12,000 cash for tours given today. Oct 26 James paid a contractor $2,000 cash for repairs to the tugboat. Oct 31 James paid the tugboat crew members $6,000 in wages for Octobers work. Oct 31 James paid $2,000 in cash dividends to the sole stockholder.

Required: Prepare an Excel Worksheet with one tab showing all journal entries recorded during the month (including the date, accounts, debits, and credits), and one tab showing the resulting income statement, statement of retained earnings, and balance sheet after the first month of operations. Each incorrect account or numeric placement will result in one point deduction for each.