Presented below are the trial balance and the other information related to Gator Consulting.

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 $2,100.

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, 2017.

7. Rent of the building is $3,000 per month. The rent for 2017 has been paid, as has that for January and February 2018. The total rental payment was initially recorded in Rent Expense.

8. Office salaries and wages earned but unpaid December 31, 2017, $2,650

Instructions:

(a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2017. (Omit explanations.)

(b) Prepare an income statement for 2017, a statement of owners equity, and a classified balance sheet. The owner withdrew $25,000 cash for personal use during the year.

Please complete in excel. Be organized and neat. (check figures: Net income $81,400, total assets $161,800.

GATOR CONSULTING TRIAL BALANCE DECEMBER 31, 2017 Debit Credit $21,600 85,600 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Owner's Capital Service Revenue Rent Expense $1,600 12,600 2,800 43,000 10,750 50,000 18,250 427,500 Salaries and Wages Expense Utilities Expense Office Expense 256,800 16,800 26,900 S508.100 S508. 100