equirement 1. Using the worksheet, prepare the adjusted trial balance of Princess, Inc., at December 31, 2020. The unadjusted alances have been entered for you. Key each adjusting entry by letter. alculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns djusted i More Info Cash Adjustment data at December 31, 2020: a. Accrued service revenue at December 31, $2,980. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $1,200 relates to the period December 1, 2020 through February 28, 2021. c. Supplies used during December, $2,160. d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at December 31 for Monday, Tuesday and Wednesday. The five-day weekly payroll of $15,000 will be paid on Friday. For the purpose of this calculation, assume December 31 falls on a Wednesday. Account Prepaid Supplies Furniture Accumul Print Done Account Finally, prepare the balance sheet. (If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Princess, Inc. Balance Sheet December 31, 2020 Assets Liabilities Stockholders' Equity Less: Choose from any list or enter any number in the input fields and then continue to the next question. Review the adjusted trial balance completed in Requirement 1. Princess, Inc. Statement of Retained Earnings Month Ended December 31, 2020 Add: Subtotal Less: Finally, prepare the balance sheet. (If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Princess, Inc. Balance Sheet December 31, 2020 Assets Liabilities Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. ? Princess, Inc. Income Statement Month Ended December 31, 2020 Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement.) Review the adjusted trial balance completed in Requirement 1. Princess, Inc. Statement of Retained Earnings Month Ended December 31, 2020 Add: Choose from any list or enter any number in the input fields and then continue to the next question. ? Consider the unadjusted trial balance of Princess, Inc. at December 31, 2020, and the related month-end adjustment data. (Click the icon to view the month-end adjustment data.) Requirements 1. Prepare the adjusted trial balance of Princess, Inc. at December 31, 2020. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Common stock 6,000 Retained earnings 32,210 Dividends 3,800 Service revenue 25,100 Salary expense 3,300 Rent expense 510 Utilities expense Depreciation expense-furniture Supplies expense 71,010 71,010 Total Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Begin by preparing the income statement. (If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Princess, Inc. Income Statement Month Ended December 31, 2020 Choose from any list or enter any number in the input fields and then continue to the next question. Consider the unadjusted trial balance of Princess, Inc. at December 31, 2020, and the related month-end adjustment data. (Click the icon to view the month-end adjustment data.) Requirements 1. Prepare the adjusted trial balance of Princess, Inc. at December 31, 2020. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Princess, Inc., at December 31, 2020. The unadjusted balances have been entered for you. Key each adjusting entry by letter. Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns in the adjusted trial balance. Princess, Inc. Trial Balance Work Sheet December 31, 2020 Trial Balance Adjusted Trial Balance Adjustments Debit Credit Account Debit Credit Debit Credit Cash 9,400 Accounts receivable 2,200 1,200 Prepaid rent Supplies 2,600 Furniture 48,000 3,900 Accumulated depreciation-furniture Accounts payable 3,800 Salary payable Common stock 6,000 Retained earnings 32,210 Dividends 3,800 Service revenue 25,100 Salary expense 3,300 Rent expense Choose from any list or enter any number in the input fields and then continue to the next