Consider the unadjusted trial balance of Kings, Inc. at December 31, 2023, and the related month-end adjustment data. i (Click the icon to view the month-end adjustment data.) Requirements 1. Prepare the adjusted trial balance of Kings, Inc. at December 31, 2023. 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 Kings, Inc., at December 31, 2023. 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. Account Cash Accounts receivable Prepaid rent. Supplies Furniture Accumulated depreciation-furniture. Accounts payable Salary payable Common stock Retained earnings Dividends Service revenue Salary expense Rent expense Utilities expense Depreciation expense-furniture Supplies expense Total Kings, Inc. Trial Balance Work Sheet December 31, 2023 Trial Balance Debit 8,500 2,000 3,000 2,700 51,000 4,500 2,700 540 Credit 3,400 3,000 7,000 39,040 || 22,500 || 74,940 74,940 I 11 Adjustments Debit Credit Adjusted Trial Balance Debit Credit More info Adjustment data at December 31, 2023: a. Accrued service revenue at December 31, $3,230. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $3,000 relates to the period December 1, 2023 through February 28, 2024. c. Supplies used during December, $2,220. 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 $14,000 will be paid on Friday. For the purpose of this calculation, assume December 31 falls on a Wednesday. 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 an input field is not used in the statement leave the field empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Print Done 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 an input field is not used in the statement leave the field empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Kings, Inc. Income Statement Month Ended December 31, 2023 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. Add: Subtotal Less: Kings, Inc. Statement of Retained Earnings Month Ended December 31, 2023 Finally, prepare the balance sheet. (If an input field is not used in the statement leave the field empty; do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Less: Assets Kings, Inc. Balance Sheet December 31, 2023 Liabilities Stockholders' Equity
