December 31, 20X1 Debit Debit Credit Cash $ 51,000 Accounts Receivable 7,500 Supplies 2,000 Note Payable $ 10,000 Unearned Revenues 21,000 Common Stock 18,000 Retained Earnings 15,000 Dividends 2.000 2,000 Revenues 14,000 Salary & Wage Expense 6,500 6,500 Rent Expense 9,000 TOTALS $ 78,000 $ 78,000 Additional Information: 1. Supplies on hand at the end of December were $800 2. Of the unearned revenues, 60% of the work had been completed during the year. 3. On Nov. 1. 20X1, Maverick paid 6-months of rent in advance for a total of $9.000. The bookkeeper debited ren expense when recording this payment. 4. As of December 31st, accrued salaries were $400. Payday is January 2, 20X2. 5. The Note Payable is a one-year, 8% note, issued on October 1, 20x1 After all (5) adjusting entries have been recorded, determine Net Income as of December 31, 20X1: (ignore taxes)