Thomas Magnum began operations as a private investigator on January 1 2008. Thet

Thomas Magnum began operations as a private investigator on January 1 2008. Thetrial balance columns of the worksheet for Thomas Magnum P.I. at March 31 are as follows.THOMAS MAGNUM P.I. INC.WorksheetFor the Quarter Ended March 31 2008Trial BalanceAccount Titles Dr. Cr. Cash 11400Accounts Receivable 5620Supplies 1050Prepaid Insurance 2400Equipment 30000Notes Payable 10000Accounts Payable 12350Common Stock 20000Dividends 600Service Revenue 13620Salaries Expense 2200Travel Expense 1300Rent Expense 1200Miscellaneous Expense 20055970 55970Other data:1. Supplies on hand total $380.2. Depreciation is $1000 per quarter.3. Interest accrued on 6-month note payable issued January 1 $300.4. Insurance expires at the rate of $200 per month.5. Services provided but unbilled at March 31 total $530.Instructions(a) Enter the trial balance on a worksheet and complete the worksheet.(b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. No additional common stock was issued during the quarter ended March 31 2008.(c) Journalize the adjusting entries from the adjustments columns of the worksheet.(d) Journalize the closing entries from the financial statement columns of the worksheet.