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Credit $716 DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 56,800 Allowance for Doubtful Accounts Supplies 2,330 Prepaid Insurance 1,260 Equipment 32,500 Accumulated Depreciation-Equipment Notes

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Credit $716 DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 56,800 Allowance for Doubtful Accounts Supplies 2,330 Prepaid Insurance 1,260 Equipment 32,500 Accumulated Depreciation-Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 9,308 Salaries and Wages Expense 30,310 Utilities Expenses 1,990 Office Expense 640 $164,638 5,992 7,200 10,000 25,030 115,700 $164,638 1. Fees received in advance from clients $5,720, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,648. 3. Bad debt expense for the year is $1,487. 4. Insurance expired during the year $464. 5. Equipment is being depreciated at 10% per year. 6. Chris gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $716 per month. The rent for 2020 has been paid, as has that for January 2021, and recorde Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,742. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number e parentheses e.g. (45).) CHRIS CONSULTING ENGINEER Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement for 2020. Chris paid a $16,190 cash dividend during the year. (recorded Earnings.) (List items that increase owner's capital first.) CHRIS CONSULTING ENGINEER Statement of Retained Earnings SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity.) CHRIS CONSULTING ENGINEER Balance Sheet Assets Liabilities and Owner's Equity

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