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Consider the unadjusted trial balance of Kings, Inc at December 31, 2023, 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 Kings, Inc. at December 31, 2023. The unadjusted balances have been entered for you. Koy each adjusting entry by lettor, 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance shoot. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Kings, Inc., ut December 31, 2023. The unadjusted balances have been entered for you. Koy each adjusting Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and crede columns in the adjusted trial balance Kings, Inc. Trial Balance Work Sheet December 31, 2023 Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 9,000 Accounts receivable 1,900 Prepaid rent 2.400 Supple 1.800 Furniture 54,000 Accumulated depreciation furniture 3.400 Accounts payable 3.600 Salary payable Common stock 12.000 Ret ned earning 37.870 Consider the uradjusted trial balance of Kings, Inc. of December 31, 2023, and the related month-end adjustment data Click the icon to ww the month and adjustment data) Requirements 1. Prepare the adjusted trial balance of Kings, Inc. at December 31, 2023. The unadjusted balances have been anfered for you. Koy 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. Uang the worksheet, prepare the adjusted trial balance of Kings, Inc, December 31, 2023. The unajuled balances have been entered for you. Kay nach adjusting entry by letter Calculate the total debits and credits. Then calcate the adjusted balance of each account and total the debt and credit columns in the adjusted trial balance Kings, Inc. Trial Balance Work Sheet December 31, 2023 Trial Balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 9,000 Accounts roulable 1,900 Prepaidat 2.400 Supplies Furniture 54.000 Accumuated depreciation dirure 3.400 Accounts payable 3.600 Salary payatie Common stock 12.000 Rainer 37 870 1.800 Trial Balance Work Sheet December 31, 2023 Trial Balance Adjustments Debit Credit Debit Credit 9.000 1.900 2,400 Adjusted Trial Balance Debit Credit Account 1,800 54,000 Cash Accounts receivable Prepaid rent Supplies Furniture Accumulated depreciation-furniture Accounts payable Salary payable Common stock Retained earnings Dividends 3,400 3,800 12.000 37,870 3,600 18.900 2,600 Service revenue Salary expenso Rent expense Utilities oxponse Depreciation expense furniture Supplies expense 470 Total 75.770 75,770 Trial Balance Work Sheet December 31, 2023 Trial Balance Adjustments Debit Credit Debit Credit 9,000 Adjusted Trial Balance Debit Credit Account 1,900 2,400 1,800 a. 54,000 b. b. 3,400 3,600 c. d. 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 exponso Depreciation expense-furniture Supplies expense 12,000 37,870 e. 3,600 18.900 2,600 470 Total 75,770 75,770 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 Depreciation expense-furniture Expenses: Net income Net loss Rent expense Revenue: N (Include a subtotal after the "Add" line of the statement.) Requirement 1 Salary expense Service revenue 5 3 Supplies expense Total expenses Utilities expense Less 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 Kings, Inc. Statement of Retained Earnings Month Ended December 31, 2023 Add: Subtotal Less a 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 Kings, Inc. Balance Sheet December 31, 2023 Assets Liabilities Stockholders' Equity Add: Subtotal Less: 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. Kings, Inc. Balance Sheet December 31, 2023 Assets Liabilities Stockholders' Equity Less - More info Adjustment data at December 31, 2023 a. Accrued service revenue at December 31, $2,690. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $2,400 relates to the period December 1, 2023 through February 28, 2024. c. Supplies used during December, $1,440. 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 $25,000 will be paid on Friday. For the purpose of this calculation, assume December 31 falls on a Wednesday