Unadjusted Trial Balance
Accounts	Debit	Credit
Cash	197,683
Office Supplies/Lures	4,200
Prepaid Insurance	4,000
Equipment - Boat	32,000
Accumulated Depre - Equipment		-
Accounts Payable		3,500
Interest Payable		-
Unearned Service Revenue		14000
Notes Payable		27,500
Common Stock		46,000
Additional paid in capital in excess of par		138,000
Retained Earnings, 1/1/20		-
Service Revenue		29,000
Interest Expense	917
Salaries Expense	7,700
Utilities Expense	8,200
Boat Gas Expense	2,800
loss of sales supplies/lures	500
Depreciation Expense	-
Office Supplies Expense	-
Insurance Expense	-
Total	258,000	258,000

Prepare Adjusting Journal Entries within the General Journal

The 2/1/20 Notes Payable principle from First Hawaiian Bank is due in 5 years at an annual interest rate of 5%. Interest must be paid every 8-months.

1. 1. The boat purchased on 2/1/20 is depreciated using the straight-line method over a useful life of 10 years. Salvage is zero.
   2. Due to the use of office supplies, the Office Supplies and lures only added up to $1,000 at the end of the 2020 year
   3. Insurance expense was recorded.
   4. On 12/30/20, 25% of the services were provided early from the customers that paid cash on 9/1/20.
   5. Post adjusting journal entries to the Worksheet and then complete the rest of the worksheet
2. Prepare Financial Statements:
   1. Income Statement (Single-step)
3. 1. Statement of Retained Earnings
4. 1. 1. Paid cash dividend of $900 to owners by 12/31/20.
   2. Balance Sheet