Media Communications provides telecommunications consulting services. The business had the following account balances, transactions, and adjustment information. (Click the icon to view the account balances.) i (Click the icon to view the transactions.) (Click the icon to view the adjustments.) Required 1. Journalize the entries. 2. Prepare an adjusted trial balance on December 31, 2020. 3. Prepare an income statement for the year ended December 31, 2020. List expenses in alphabetical order. 4. Prepare a statement of owner's equity for the year ended December 31, 2020. Assume there have been no changes to the capital account balance since January 1. 5. Prepare a balance sheet as at December 31, 2020. The following transactions occurred during December: a. On December 1, paid cash for an Internet advertising consultant for four months of work in advance. The contract was for $4,400 per month. Work will begin on January 1, 2021. b. On December 10, supplies in the amount of $4,500 were purchased on account. c. On December 18, the company received a cash advance of $5,400 for work to be performed starting January 1. d. On December 30, the company provided consulting services to a customer for $18,000; payment will be received in 30 days. The following adjustments information was available on December 31, 2020. e. A physical count shows $5,500 of supplies remaining on hand at December 31. f. The computer equipment has an expected useful life of four years, with no residual value after four years. The computers were purchased January 2, and the straight-line method of amortization is used. g. The furniture, purchased on January 2, is expected to be used for eight years, with no expected value after eight years. The straight-line method of amortization is used. h. On October 1, Media hired an advertising firm to prepare a marketing plan and agreed to pay the firm $3,000 per month. Media paid for five months' work in advance and has made no adjusting entries for this during 2020. Record the portion of the prepayment which has been used to date. i. The company's office manager, who earns $700 per day, worked the last five days of the year and will be paid on January 5, 2021