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1. Services performed for clients that were not recorded by 12/31, $4,900 2. Bad debt expense for the year is estimated as $1,430 3.
1. Services performed for clients that were not recorded by 12/31, $4,900 2. Bad debt expense for the year is estimated as $1,430 3. Insurance expired for the year is $480 4. Equipment is being depreciated at 10% per year 5. Hills corp issues a 90-day note payble for $7200 on 12/1/2020, the annual interest rate is 10% 6. Rent of the building is $975 per month. The rent for 2020 has been recorded as rent expense until 10/31/2020. 7. Employees salaries earned but unpaid December 31, 2020, $2510 Requirement: 1. From the trial balance and other information provided, prepare annual adjusting entries as of 12/31/2020. (omit explanations) 2. Post your adjusted journal entries in the adjustment section and prepare adjusted trial balance in the worksheet. 3. Prepare an income statement, a retained earnings statement, and a balance sheet for the year ended 12/31/2020
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