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 Balance Account Title Debit Credit Cash 50,980 Accounts Receivable 1,500 Office Supplies 290 Prepaid Insurance 900 Furniture 10,900 Accumulated Depreciation - Furniture 100 Salaries Payable 4,400 Unearned Revenue 4,600 Common Stock 40,800 Dividends 3,600 Service Revenue 26,800 Salaries Expense 5,700 Depreciation Expense - Furniture 100 Insurance Expense 300 Utilities Expense 320 Rent Expense 2,000 Supplies Expense 110 Total 76,700 76,700 Revenues: Expenses: