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Build the unadjusted trial balance and adjustments columns from the given information and total the columns. Only input amounts for accounts with balances and do not enter zeros for blank cells.

Accounts Payable $6,100$

Accounts Receivable $20,200$

Cash $28,700$

Common Stock $39,700$

Dividends $5,500$

Furniture $4,500$

Notes Payable $6,900$

Office Supplies $9,100$

Prepaid Insurance $11,100$

Prepaid Rent $13,100$

Rent Expense $3,000$

Salaries Expense $6,000$

Service Revenue $31,300$

Unearned Revenue $17,200$

a Prepaid rent expired, $$900$

b Supplies used, $$300$

c Depreciation on furniture, $$200$

d Accrued salaries expense, $$1,100$

e Utilities bill recieved but not paid, $$100$

f Accrued service revenue, $$700$

g Prepaid insurance expired, $$6,100$

SMART TOUCH LEARNING

Worksheet

December $31,2016$

Unadjusted Trial Balance

Adjustments

Account Names

Debit

Credit

Debit

Credit

Cash

Accounts Receivable

Office Supplies

Prepaid Rent

Prepaid Insurance

Furniture

Accumulated Depreciation $-$ Furniture

Accounts Payable

Salaries Payable

Utilities Payable

Unearned Revenue

Notes Payable

Common Stock

Dividends

Service Revenue

Rent Expense

Insurance Expense

Salaries Expense

Supplies Expense

Depreciation Expense $-$ Furniture

Utilities Expense

Total

A single underline below a cell represents subtotal.A double underline below a cell represents grand total.

Finish the worksheet by completing the Income Statement and Balance Sheet columns, calculating Net Income or Net Loss, and identifying if there is a Net Income or Net Loss. Only input amounts for accounts with balances and do not enter zeros for blank cells.

SMART TOUCH LEARNING

Worksheet

December $31,2016$

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Names

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$25,300$

$25,300$

Accounts Receivable

$17,900$

$($f$)$

$500$

$18,400$

Office Supplies

$7,700$

$200$

$($b$)$

$7,500$

Prepaid Rent

$11,100$

$700$

$($a$)$

$10,400$

Prepaid Insurance

$9,400$

$4,500$

$($g$)$

$4,900$

Furniture

$4,500$

$4,500$

Accumulated Depreciation $-$ Furniture

$200$

$($c$)$

$200$

Accounts Payable

$5,300$

$5,300$

Salaries Payable

$800$

$($d$)$

$800$

Utilities Payable

$100$

$($e$)$

$100$

Unearned Revenue

$14,500$

$14,500$

Notes Payable

$5,800$

$5,800$

Common Stock

$33,600$

$33,600$

Dividends

$1,400$

$1,400$

Service Revenue

$26,500$

$500$

$($f$)$

$27,000$

Rent Expense

$2,500$

$($a$)$

$700$

$3,200$

Insurance Expense

$($g$)$

$4,500$

$4,500$

Salaries Expense

$5,900$

$($d$)$

$800$

$6,700$

Supplies Expense

$($b$)$

$200$

$200$

Depreciation Expense $-$ Furniture

$($c$)$

$200$

$200$

Utilities Expense

$($e$)$

$100$

$100$

Total

$85,700$

$85,700$

$7,000$

$7,000$

$87,300$

$87,300$

Total

Assume that the business began operations on January $1,2016.$ Prepare the financial statements in the proper order. Use proper financial statement formatting. Enter amounts to be subtracted with a minus sign or parentheses.

SMART TOUCH LEARNING

Statement of Net Income

For Year Ended $12/31/2016$

Service Revenue

Rent Expense

$3,100$

Insurance Expense

$6,300$

Income Tax Expense

$6,000$

Salaries Expense

$4,100$

Supplies Expense

$600$

Depreciation Expense $-$ Furniture

$400$

Utilities Expense

$200$

Total Expenses

Net Income

$13,300$

SMART TOUCH LEARNING

Balance Sheet

December $31,2016$

Assets

Cash

$3,300$

Accounts Receivable

$12,100$

Office Supplies

$800$

Prepaid Rent

$1,600$

Prepaid Insurance

$5,800$

Furniture

Accumulated Depreciation $-$ Furniture

$(350)$

Total Assets

$41,450$

Liabilities

Accounts Payable

$300$

Salaries Payable

$800$

Utilities Payable

$100$

Income Tax Payable

Unearned Revenue

$400$

Notes Payable

$16,750$

Total Liabilities

$23,050$

Stockholders' Equity

Common Stock

Retained Earnings

$6,600$

Total Stockholder's Equity

$18,400$

Total Liabilities and Stockholder's Equity