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The following are the trial balance and the other information related to Steven Consulting Engineer. Credit $824 STEVEN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 57.100 Allowance for Doubtful Accounts Supplies 2,300 Prepaid Insurance 1.140 Equipment 25,800 Accumulated Depreciation-Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 10,712 Salaries and Wages Expense 34,730 Utilities Expenses 1,420 Office Expense 610 $163,312 5,890 7,200 10,000 23,427 115,971 $163,312 1. 2. 3. 4. 5. 6. 7. Fees received in advance from clients $5,520, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $4,913. Bad debt expense for the year is $1,366. Insurance expired during the year $476. Equipment is being depreciated at 10% per year. Steven gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. Rent of the building is $824 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. Office salaries and wages earned but unpaid December 31, 2020, $2,749. 8. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit account 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.) Debit Credit No. Account Titles and Explanation 1. Service Revenue 5520 Unearned Service Revenue 5520 2. Accounts Receivable 4913 Service Revenue 4913 3. Bad Debt Expense 1366 Allowance for Doubtful Accounts 1366 4. Insurance Expense 476 Prepaid Insurance 476 5. Depreciation Expense 2580 Interest Payable 2580 6. Interest Expense 60 Interest Payable 60 7. Prepaid Rent 824 Rent Expense 824 8 Salaries and Wages Expense 2749 Salaries and Wages Payable 2749 Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses eg. (451) STEVEN CONSULTING ENGINEER Income Statement $ $ Prepare a retained earnings statement for 2020. Steven paid a $18,280 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.) STEVEN CONSULTING ENGINEER Statement of Retained Earnings $ V V $ Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity) STEVEN CONSULTING ENGINEER Balance Sheet Assets > Liabilities and Owner's Equity