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Consider the unadjusted trial balance of Edison, Inc., at December 31, 2016, and the related month-end adjustment data. A1 D Adjustments Debit Credit Adjusted Trial
Consider the unadjusted trial balance of Edison, Inc., at December 31, 2016, and the related month-end adjustment data. A1 D Adjustments Debit Credit Adjusted Trial Balance Debit Credit Edison, Inc. Trial Balance Worksheet 1 December 31, 2016 2 Trial Balance 3 Account Debit Credit 4 Cash 8,600 5 Accounts receivable 1,300 6 Prepaid rent 3,000 7 Supplies 1,800 8 Furniture 81,000 9 Accumulated depreciation-furniture 3,900 10 Accounts payable 3,500 11 Salary payable 12 Common stock 10,000 13 Retained earnings 65,390 14 Dividends 4,500 15 Service revenue 21,400 16 Salary expense 3,500 17 Rent expense 18 Utilities expense 490 19 Depreciation expense-furniture 20 Supplies expense 21 Total 104,190 104 190 22 Adjustment data at December 31, 2016, include the following: a. Accrued service revenue at December 31, $2,780. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $3,000 relates to the period December 1, 2016, through February 28, 2017. c. Supplies used during December, $1,330. d. Depreciation on furniture for the month. The furniture's expected useful life is five years. e. Accrued salary expense at December 31 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $14,000 and will be paid on Friday. Requirements 1. Using Exhibit 3-9 as an example, prepare the adjusted trial balance of Edison, Inc., at December 31, 2016. Key each adjusting entry by letter. 2. Prepare the single-step income statement, the statement of retained earnings, and the classified balance sheet. Draw arrows linking the three statements
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