PART 7: Prepare Financial Statements Prepare the financial statements for Smart Touch Learning for the month of December. Remember that the business started operations this month so all beginning balances were 0. For the Statement of Retained Earnings and the Balance Sheet, enter any decreases with a negative sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit Cash 37.350 Revenues: Accounts Receivable 1,900 Office Supplies 360 Expenses: Prepaid Insurance 1.125 Furniture 13,600 Accumulated Depreciation - Furniture 100 Salaries Payable 1,800 Unearned Revenue 4.500 Common Stock 34.900 Dividends 3.300 Total Expenses Service Revenue 23,000 Net Income Salaries Expense 4,300 Depreciation Expense - Furniture 100 Insurance Expense 375 Utilities Expense 370 Rent Expense 1,400 Supplies Expense 120 Total 64,300 64,300 Assets Liabilities Total Liabilities Stockholders' Equity Less: Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity