Financial Accounting: P3-67B Consider the unadjusted trial blanace of Kingston, Inc

Financial Accounting 
P3-67B Adjust the accounts; construct the financial statements 
Consider the unadjusted trial balance of Kingston, Inc., at March 31, 2015, and the related month-end adjustment data. 
Kingston, Inc. 
Trial Balance Worksheet 
March 31, 2015 
Trial Balance Adjustments Adjusted Trial Balance 
Account Debit Credit Debit Credit Debit Credit 
Cash 11,200 
Accounts receivable 2,900 
Prepaid rent 2,100 
Supplies 2,400 
Furniture 63,000 
Accumulated depreciation - furniture 3,700 
Accounts payable 4,000 
Salary payable 
Common stock 13,000 
Retained earnings 52,300 
Dividends 2,300 
Service revenue 14,030 
Rent expense 2,600 
Utilities expense 
Depreciation expense 530 
Supplies expense 
Total $87,030 $87,030 

Adjustment data at March 31, 2015, include the following: 
a. Accrued advertising revenue at March 31, $3,650. 
b. Prepaid rent expired during the month. The unadjusted prepaid balance of $2,100 relates to the period March 2015 through June 2015. 
c. Supplies used during March, $2,090. 
d. Depreciation on furniture for the month. The furniture's expected useful life is three years. 
e. Accrued salary expense at March 31 for Monday, Tuesday, Wednesday. The five-day weekly payroll is $10,500 and will be paid on Friday. 

1. Using Exhibit 3-9 as an example, prepare the adjusted trial balance of Kingston, Inc., at March 31, 2015. Key each adjusting entry by letter 
2. Prepare the monthly single step income statement, the statement of retained earnings, and the classified balance sheet. Draw arrows linking the three statements.
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