The un-adjusted trial balance of Property Incorporated appears below as of December 31, 2019.

Property Incorporated

Un-adjusted Trial Balance

December 31, 2019

Debit Credit

Cash $274,750

Accounts Receivable 120,000

Prepaid Insurance 11,250

Supplies 37,500

Plant 140,000

Accumulated Depreciation - plant $ 14,000

Accounts Payable 82,500

Unearned Service revenue 73,500

Common stock 207,500

Retained Earnings 127,500

Dividends 7,500

Service Revenue 198,500

Salary Expense 61,500

Utilities expense 27,000

Rent Expense 15,000

Postage 9,000

Additional Data are as follows:

a. Supplies used during the current year amount to $25,250

b. Accrued salaries on December 31, 2019, amount to $3,750

c. Unearned service revenue earned during the years amounts to $26,250

d. Depreciation for the current year amounts to $5,000

e. Prepaid insurance expired as of December 31, 2019, amounts to $5,500

Based on the un-adjusted trial balance and the additional data:

Prepare for Property Incorporated:

a) The adjusting entries necessary to account to the additional data

b) The adjusted Trial Balance

c) The following Financial Statements for the year ended December 31, 2019

- Income Statement

- Statement of Retained Earnings

- Balance Sheet