Required: 1. Prepare the adjusting entries on the Trial Balance tab, and complete the worksheet on the Trial Balance tab

2. On the Financial Statements tab, prepare the income Statement, Retained Earnings Statement, and Balance Sheet for the 2020 year

3. On the Tab complete T-Accounts for all accounts. The ending balances in every should agree to the balances on the Balance Sheet as of December 31, 2020

Prepaid Insurance 1,000 89,020 Accounts Receivable 103,100 103 100 Equipment 100,000 Allowance for Doubtful Accounts 1,500 1.500 Accumulated Depreciation Equipment 10.000 3,920 3920 Unearned Service Revenue Interest Payable 10,000 100,000 Notes Payable Salaries and Wages Payable Common Stock Service Revenue Bad Debt Expense 82,200 15,000 35,000 196,500 196,500 Insurance Expense Depreciation Expense Salaries and Wages Expense 22,800 22,800 Utilities Expense Office Expense 27,510 27.510 1,770 Adjusted Debit Credit Income Statement Debit Credit Retained Earnings Debit Credit UWIIIUDU Excel PiUjell #1.XISX (19.8 KB) Trial Balance December 31, 2020 Unadjusted Adjustments Debit Credit Debit Credit Cash 89,020 Accounts Receivable 103,100 Allowance for Doubtful Accounts 1,500 Supplies 3,920 Prepaid Insurance 1,000 Prepaid Rent Equipment 100,000 Accumulated Depreciation - Equipment 10,000 Unearned Service Revenue Interest Payable Salaries and Wages Payable Notes Payable 82,200 Common Stock 15,000 Retained Earnings 27,510 Dividends Service Revenue 196,500 Bad Debt Expense Insurance Expense Depreciation Expense Interest Expense Rent Expense 10,000 Salaries and Wages Expense 22,800 Utilities Expense 1,100 Office Expense 1,770 Totals 332,710 332,710 Net Income Totals Adjusting Entries December 31, 2020 Fees received in advance from clients $10,000, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $2,500. c Bad debt expense for the year is $15,000. d Insurance expired during the year $500. Equipment is being depreciated at 20% per year. Sweeter gave the bank a 90-day, 5% note for $82,200 on December 1, 2020. & Office salaries and wages earned but unpaid December 31, 2020, $3,400. h Dividends that were declared in the month of December amount of $25,000. This has not been accounted for yet