Activity 3.b - More Practice with Preparing the Balance Sheet Prepare the Balance Sheet from the Adjusted Trial Balance and Statement of Retained Earnings. Within each section of the statement, enter the accounts, the account balances and calculate ending balances. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 20,800 Accounts Receivable 11,500 Office Supplies 200 Prepaid Rent 13,800 Furniture 24,200 Accumulated Depreciation--Furniture 8,300 Accounts Payable 2,700 Salaries Payable 600 Interest Payable 400 Unearned Revenue 6,900 Notes Payable 9,700 Common Stock 13,600 Retained Earnings 13,800 Dividends 35,200 Service Revenue 62,800 Depreciation Expense--Furniture 2,700 Interest Expense 400 Rent Expense 4,100 Salaries Expense 4,800 Supplies Expense 1,100 Total 118,800 118,800 SMART TOUCH LEARNING Statement of Retained Earnings Month Ended December 31, 2016 Retained Earnings, December 1, 2016 13,800 Net income for the month 49,700 63,500 Dividends (35,200) Retained Earnings, December 31, 2016 28,300 SMART TOUCH LEARNING Balance Sheet December 31, 2016 Assets Assets Liabilities Liabilities cash accounts payable accounts receivable salaries payable prepaid rent interest payable office supplies unearned revenue furniture notes payable Less: accumulated depreciation Total Liabilities 20300 Stockholders' Equity common stock retained earnings Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity