GATOR CONSULTING TRIAL BALANCE DECEMBER 31, 2020 Credit Debit $21,600 85,600 $1,600 12,600 2,800 43,000 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expense Office Expense 10,750 50,000 18,250 427,500 42,000 256,800 16,800 26,900 $508, 100 $508, 100 1. Fees received in advance from clients and included in Service Revenue initially. $9.000, 2. Services performed for clients that were not recorded by December 31 $12.600, 3. Bad debt expense for the year is $3.650 4. Insurance expired during the year S2.100 5. Equipment is being depreciated at 10% per year 6. Gator gave the bank a 90-day, 12% note for $50,000 on December 1, 2020 7. Rent of the building is $3,000 per month The rent for 2020 has been paid, as has that for January and February 2021. The total rental payment was initially recorded in Rent Expense. 8. Office salanes and wages eamed bin und December 2020 $2,650 Instructions Prepare an income statement for 2020, a statement of owner's equity, and a classified balance sheet. The owner withdrew $25,000 cash for personal use during the year. (40 Points)