1. Prepare the adjusting journal entries for each transaction identified in the background section above. Include a brief description for each journal entry.

2. Prepare the adjusted trial balance.

3. Prepare a single-step Income Statement for the year ended December 31, 2016.

4. Prepare the Statement of Retained Earnings for the year ended December 31, 2016.

5. Prepare the Balance Sheet as of December 31, 2016.

Background: It is January 1st and you have just been hired as the new accountant for TVGenie, Inc. (referred to as "the Company"), a retailer of consumer televisions located in downtown San Luis Obispo. The Company sells and installs a variety of televisions, ranging from low-cost 2-D flat screen televisions to theatre -style 3-D televisions. The Company's fiscal year-end is December 31st. The CFO of the Company comes into your office on your first day to give you your first assignment-finalize the accounting records from the fiscal year that just concluded and prepare the financial statements. The CFO provides you an unadjusted trial balance. After reviewing the trial balance, accounting records, and speaking with a few of your colleagues, you have gathered the following information: a. On December 30th, TVGenie, Inc. received a signed purchase order from Firestone Grill for three 50-inch screen televisions for a total of price of $2,837. TVGenie, Inc. shipped all three televisions on December 31st, with shipping terms FOB Shipping Point. Payment terms are 2/10 net/30 and TVGenie, Inc. expects to receive payment in full within the discount period. TVGenie, Inc. purchased each television in December for $360 per unit and incurred total shipping costs of $20 to receive the televisions. b. On December 1st, the Company paid $3,000 for rent of the retail space it occupies. The $3,000 payment will cover the months of December, January, and February. C. At the end of the day on December 31st, Company personnel performed a physical count of all supplies on hand. Supplies on hand totaled $470. d. On July 1st, the Company purchased a new shipping truck for a total cost of $46,000, and a journal entry was correctly recorded in its accounting records to reflect the purchase. The Company estimates the truck will have a useful life of 9 years and a salvage value of $1,000. The Company's policy is to use the straight-line method of depreciation, but has not recorded any depreciation expense for this truck. e. The Company is open for business each Monday through Friday. The Company pays its employees weekly on Fridays. December 31st falls on a Wednesday this year. Payroll for the full work-week will be $14,000. f. On December 29th, TVGenie, Inc. received $3,400 in cash from Buffalo Wild Wings. Buffalo Wild Wings has several televisions that need to be installed. TVGenie, Inc. expects to perform the installation services during the second week of January. g. The Company has a $20,000 note payable with a local bank, and a journal entry has been correctly recorded in its accounting records to reflect the note payable. Semi-annual interest payments of $1,000 are due on September 30th and March 31s. No journal entry to record the accrual of interest expense for October, November, and December has been made. h. On December 16th, one of the Company's employees retired after 30 years of service. His annual salary was $67,000. Background: It is January 1st and you have just been hired as the new accountant for TVGenie, Inc. (referred to as "the Company"), a retailer of consumer televisions located in downtown San Luis Obispo. The Company sells and installs a variety of televisions, ranging from low-cost 2-D flat screen televisions to theatre -style 3-D televisions. The Company's fiscal year-end is December 31st. The CFO of the Company comes into your office on your first day to give you your first assignment-finalize the accounting records from the fiscal year that just concluded and prepare the financial statements. The CFO provides you an unadjusted trial balance. After reviewing the trial balance, accounting records, and speaking with a few of your colleagues, you have gathered the following information: a. On December 30th, TVGenie, Inc. received a signed purchase order from Firestone Grill for three 50-inch screen televisions for a total of price of $2,837. TVGenie, Inc. shipped all three televisions on December 31st, with shipping terms FOB Shipping Point. Payment terms are 2/10 net/30 and TVGenie, Inc. expects to receive payment in full within the discount period. TVGenie, Inc. purchased each television in December for $360 per unit and incurred total shipping costs of $20 to receive the televisions. b. On December 1st, the Company paid $3,000 for rent of the retail space it occupies. The $3,000 payment will cover the months of December, January, and February. C. At the end of the day on December 31st, Company personnel performed a physical count of all supplies on hand. Supplies on hand totaled $470. d. On July 1st, the Company purchased a new shipping truck for a total cost of $46,000, and a journal entry was correctly recorded in its accounting records to reflect the purchase. The Company estimates the truck will have a useful life of 9 years and a salvage value of $1,000. The Company's policy is to use the straight-line method of depreciation, but has not recorded any depreciation expense for this truck. e. The Company is open for business each Monday through Friday. The Company pays its employees weekly on Fridays. December 31st falls on a Wednesday this year. Payroll for the full work-week will be $14,000. f. On December 29th, TVGenie, Inc. received $3,400 in cash from Buffalo Wild Wings. Buffalo Wild Wings has several televisions that need to be installed. TVGenie, Inc. expects to perform the installation services during the second week of January. g. The Company has a $20,000 note payable with a local bank, and a journal entry has been correctly recorded in its accounting records to reflect the note payable. Semi-annual interest payments of $1,000 are due on September 30th and March 31s. No journal entry to record the accrual of interest expense for October, November, and December has been made. h. On December 16th, one of the Company's employees retired after 30 years of service. His annual salary was $67,000