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i More Info Consider the unadjusted trial balance of Princess, Inc. at December 31, 2020, and the related month-end adjustment data. (Click the icon to
i More Info 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 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. December 31, 2020 Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit 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. Cash 9,400 2,200 Accounts receivable Prepaid rent 1,200 Print Done 2,600 48,000 3,900 OC 3,800 Supplies Furniture Accumulated depreciation-furniture Accounts payable Salary payable Common stock Retained earnings Dividends Service revenue 6,000 32,2100 IIIDID D0000 3,800 25,100 3,300 Salary expense Rent expense Utilities expense Depreciation expense-furniture 510 Sunnlies evnense Choose from any list or enter any number in the input fields and then continue to the next
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