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The unadjusted trial balance of Property Incorporated appears below as of December 31, 2019

Property Incorporated

Unadjusted 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
	$703,500	$703,500

Additional data are as follows:

• Supplies used during the current year amount to $25,250
• Accrued salaries on December 31, 2019, amount to $3,750
• Unearned service revenue earned during the year amounts to $26,250
• Depreciation for the current year amounts to $5,000
• Prepaid insurance expired as of December 31, 2019, amounts to $5,500

Based on the unadjusted trial balance and the additional data:

Prepare for property Incorporated:

1. The adjusting entries necessary to account for the additional information
2. The adjusted Trial Balance
3. The following Financial Statements for the year ended December 31, 2019

• Income Statement
• Statement of Retained Earnings
• Balance Sheet

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