1. Fees received in advance from clients $6,000, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,900. 3. Bad debt expense for the year is $1,430.

4. Insurance expired during the year $480. 5. Equipment is being depreciated at 10% per year. 6. Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $750 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,510.

Question: Using the TB and information provided, prepare a classified Balance Sheet. Knowing that the company paid $17,000 cash dividend during the year (recorded in Retained Earnings)

Trial Balance December 31, 2020 Debit Credit $ 29,500 49,600 $ 750 1,960 1,100 25,000 6,250 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 7,200 10,000 25,010 100,000 9,750 30,500 1,080 720 $149,210 $149,210