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urrent Attempt in Progress The following are the trial balance and the other information related to John Consulting Engineer. Credit $686 JOHN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 58,000 Allowance for Doubtful Accounts Supplies 1,750 Prepaid Insurance 1,230 Equipment 30,400 Accumulated Depreciation-Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 8,918 Salaries and Wages Expense 33,340 Utilities Expenses 1,510 Office Expense 760 $165.408 6,462 7,200 10.000 24,057 117,003 $165.408 1. 2. 3. 5. Fees received in advance from clients $6,060, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $4.990. Bad debt expense for the year is $1.570. Insurance expired during the year $483. Equipment is being depreciated at 10% per year. John gave the bank a 90-day, 10% note for $7.200 on December 1, 2020. Rent of the building is $686 per month. The rent for 2020 has been paid, as has that for January 2021, and rece Rent Expense. Office salaries and wages earned but unpaid December 31.2020. $2.604. 6. 7. CO From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit accou titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Service Revenue 6060 Unearned Service Revenue 6060 2 Accounts Receivable 4990 Service Revenue 4990 3. Bad Debt Expense 1570 Allowance for Doubtful Accounts 1570 4. Insurance Expense 483 Prepaid Insurance 483 5. Depreciation Expense 3040 Accumulated Depreciation-Building 3040 6. Interest Expense 60 Interest Payable 60 7. Prepaid Rent 686 Rent Expense 886 8. Salaries and Wages Expense 2604 Salaries and Wages Payable 2604 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare a retained earnings statement for 2020. John paid a $18,550 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.) JOHN CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 Add V: Expenses 51599 Less : Dividends 18550 Retained Earnings. December 31 e Textbook and Media List of Accounts Your answer is partially correct. Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity JOHN CONSULTING ENGINEER Balance Sheet December 31, 2020 Assets Current Assets MacBook Air Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity) JOHN CONSULTING ENGINEER Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable 62990 Less : Allowance for Doubtful Accounts 2256 6 Supplies Prepaid Rent Prepaid Insurance Total Current Assets Equipment Tess V Accumulated Depreciation Equipment Total Property, Plant and Equipment Liabilities and Owner's Equity Current Assets > Cash Accounts Receivable Prepaid Insurance Total Current Assets Equipment Less : Accumulated Depreciation Equipment Total Property, Plant and Equipment Liabilities and Owner's Equity Current Assets Cash Accounts Receivable e Textbook and Media Assistance Used List of Accounts
