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Accounting Wizards, Inc. provides accounting advice over the Internet. Adjusting entries are performed monthly and closing entries annually on December 31. An unadjusted trial balance dated December 31, 2020, is provided below ACCOUNTING WIZARDS, INC. UNADJUSTED TRIAL BALANCE DECEMBER 31,2021 Cash. $ 450 Accounts receivable 220 Unexpired Insurance 1,600 Prepaid rent 1,800 Supplies 900 Furniture and fodtures 10,000 Accumulated depreciation furniture and fixtures $ 6,600 Accounts payable 7.100 Notes payable. 24,000 Salarios payable 2,100 Interest payable 170 Uneamed client revenue 600 Capital stock. 4,000 Retained earnings 2.000 Client revenue oamed 56,700 Insurance expense 6,200 Office rent expense 12,000 Supplies expense 300 Salary expense 48,000 Depreciation expense: furniture and fixtures 1,200 Office and telephone expense 4,600 Internet service expense 7,200 Legal expense 1.800 Interest expense 2,700 Miscellaneous expenso 4.300 $103,270 $103 270 --- Data for adjustments: 1. Billed clients $205,000 in client revenue earned for December 2. Supplies used during December amount to $250 3. On December 1, 2020, the business purchased a four-month insurance policy for $1,600. 4. On December 1, 2020, the business paid $1,800 rent in advance for 6 months. 5. The useful life of the equipment is estimated to be 5 years (or 60 months). The straight-line method of depreciation is used 6. On May 1, 2020, the company borrowed $24,000 by signing a 12-month, 6 percent note payable to Bank of America. The entire $24,000 plus 12 months' interest is due in full on April 30, 2021. 7. Records show that $380 of cash receipts originally recorded as Uneamed Client Revenue had been eamed as of December 31 8. Salaries eamed by employees that remain unrecorded and unpaid at December 31 amount to $740 Instructions: 1. Prepare the necessary adjusting journal entries on December 31, 2020.(32 points) 2. Post entries on the ledger accounts (T-accounts) (16 points) 3. Prepare the necessary year-end closing entries and post them in the ledger accounts.(12 points) 4. Prepare an income statement for the year ended December 31, 2020 (10 points) 5. Prepare a statement of retained earnings for the year ended December 31, 2020 (10 points) 6. Prepare a balance sheet dated December 31, 2020.(20 points)