Prepare a formal Income Statement and Balance Sheet

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Trial Balance December 31, 2021 Adjustments Debit 92,200 Income Statement Debit Credit Retained Earnings Debit Credit Cash Credit 25,000 15,000 Unadjusted Debit Credit 89,020 103,100 1,500 3,920 1,000 100,000 20,000 Adjusted Debit Credit 156,220 88,100 1,500 3,470 500 100,000 20,000 Balance Sheet Debit Credit 156,220 88,100 1,500 3,470 500 100,000 20,000 450 500 3,400 3,400 3,400 82,200 82,200 15,000 17,510 164,400 15,000 17,510 164,400 15,000 17,510 17,510 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Deferred Revenue Interest Payable Salaries and Wages Payable Dividends Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Bad Debt Expense Insurance Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Office Expense Interest Expense Totals Net Income Totals 25,000 25,000 25,000 25,000 196,500 10,000 206,500 206,500 450 15,000 500 450 15,000 500 450 15,000 500 3,400 10,000 22,800 1,100 1,770 10,000 26,200 1,100 1,770 10,000 26,200 1,100 1,770 332,710 332,710 136,550 136,550 428,310 428,310 206,500 373,290 55,020 151,480 206,500 25,000 143,990 168,990 17,510 151,480 168,990 221,810 151,480 373,290 206,500 373,290 During the year, $10,000 was received in advance from dients for services that have not yet been performed. This was recorded service revenue Cash $ 10,000 Service revenue $ 10.000 Bad debt expense for the year is $15,000. Baddobne Account recevable $ 15,000 $ 15,000 Prepaid insurance expired during the year $500. Insurance pense $ Prepaid insurance 500 $ 500 d. Equipment is being depreciated : 20% per year. Ne depreciation was recorded during the year. Ne mby necessary Hexapon bemowed $82,200 via a 90-day, 5% banknote on December 1, 2020. Ne interest has been recorded. Cash $ 82,200 Note payable $ 82,200 L Office salaries and wages eamed but unpaid December 31, 2021; $3,400. Salaries & wasse $ 3,400 Salaries & was payable $ R Dividends of $25,000 were declared in the month of December. This has not been accounted for yet Dividend $ 25,000 Cash $ 25,000 $450 of supplies remain at the end of the year. Supplies Supply payable $ 450 $ 450 Prepare closing enties necessary to close temporary account the end of the year $ 206,500 31- Service Income Summary $ 206,500 $ 55,020 31-Dec Income Summary Supplies expense Bad bi se Insurance expense Range Salaries & weise Ulice Office panse $ $ $ $ $ $ $ 450 15,000 500 10,000 26, 200 1,100 1,270 $ 151,480 31-Da Income summa Retained ning $ 151,480 $ Read aming Dividends 25,000 $ 25,000