Credit $798 DAVID CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 55,400 Allowance for Doubtful Accounts Supplies 2.100 Prepaid Insurance 1,080 Equipment 32.400 Accumulated Depreciation Equipment Notes Payable Common Stock Retained Earnings Service Revenue 6,561 7.200 10,000 23,011 116,664 Salaries and Wages Expense Utilities Expenses Office Expense 30,880 1,730 770 $164,234 $164,234 1. 2. 3. 4. 5. 6. 7. Fees received in advance from clients $5,650, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $4,894 Bad debt expense for the year is $1,429. Insurance expired during the year $433. Equipment is being depreciated at 10% per year. David gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. Rent of the building is $798 per month. The rent for 2020 has been paid, as has that for January 2021, and red Rent Expense. Office salaries and wages earned but unpaid December 31, 2020, $2,484. 8. (61) Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg. 45 or parentheses es (451) DAVID CONSULTING ENGINEER Income Statement