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prepare journarl entries and T chart accounts Table Chart Teart Shape Media Comment At the end of its first month of operations, Watson Island Tour

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Table Chart Teart Shape Media Comment At the end of its first month of operations, Watson Island Tour Service, Inc., has the following unadjusted trial balance: WATSON ISLAND TOUR SERVICE, INC. August 31, 2008 Trial Balance Credit Debit $ 5,400 8,800 2,400 1,300 60,000 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Notes Payable Accounts Payable Common Stock Dividends Service Revenue Salaries Expense Utilities Expense Advertising Expense $40,000 2,400 30,000 1,000 10,900 3,200 800 400 $83,300 $83,300 Other data consist of the following: 1. Insurance expires at the rate of $200 per month. 2. There are $1,000 of supplies on hand at August 31. 3. Monthly depreciation on the equipment is $900. 4. Interest of $500 on the notes payable has accrued during August Instructions (a) Prepare a work sheet. (b) Prepare a classified balance sheet assuming that $35,000 of the notes payable are long term. (e) Journalize the closing entries

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