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

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On October 1, Joe Turner, the sole stockholder, began operations of Turner Tours Corporation, a business that provides day tugboat tours to tourists along the Mississippi River. Following are the transactions that occurred for the corporation during their first month of operation. Oct 1 Joe Turner invested $50,000 cash and a tugboat valued at $100,000 in exchange for common stock. Oct 2 Turner Tours paid $10,000 cash for new tugboat equipment (asset). Oct 3 Turner Tours bought boating supplies inventory costing $2,500 on credit. Oct 4 Turner Tours paid $1,000 cash for the first month's dock rental. Oct 5 Turner Tours paid $3,000 cash for a six-month liability insurance policy. Oct 10 Turner Tours gave a client a tour and immediately received $8,000cash. Oct 12 Turner Tours provided a tour to a client and billed them $5,000. Oct 19 Turner Tours paid $2,500 cash for the boating supplies inventory purchased on Oct 3. Oct 22 Turner Tours received full payment from the client billed on Oct 12 . Oct 25 Turner Tours received $12,000 cash for tours given today. Oct 26 Turner Tours paid a contractor $2,000 cash for repairs to the tugboat. Oct 31 Turner Tours paid the tugboat crew members $6,000 in wages for October's work. Oct 31 Turner Tours 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 two point deduction for each

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