The following are the trial balance and the other Information related to Joseph Consulting Engineer. Credit $814 JOSEPH CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 52,300 Allowance for Doubtful Accounts Supplies 2,070 Prepaid Insurance 1,890 Equipment 29.000 Accumulated Depreciation Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 10,582 Salaries and Wages Expense 32,460 Utilities Expenses 1,300 Office Expense 670 $159,772 6,133 7,200 10,000 26,839 108,786 $159,772 1. Fees received in advance from clients $5,500, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,456. 3. Bad debt expense for the year is $1,487. 4. Insurance expired during the year $458. History Bookmarks Poople Tab Window Holo Wed 31-2 X CH 3 HW (Required) X + cf.edu/courses/1364105/assignments/6590389 AU Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 10,582 32,460 1,300 670 $159,772 $159,772 1. Fees received in advance from clients $5,500, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,456, 3. Bad debt expense for the year is $1,487, 4. Insurance expired during the year $458. 5. Equipment is being depreciated at 10% per year. 6. Joseph gave the bank a 90-day, 10% note for $7,200 on December 1, 2020, 7. Rent of the building is $814 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,627. - Your answer is partially correct. 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.) No. Account Titles and Explanation Debit Credit 5500 Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg.-45 or parentheses 0.8.(45).) JOSEPH CONSULTING ENGINEER Income Statement For the Year Ended December 31, 2020 Revenues 107742 Expenses Rent Expense 9768 Salaries and Wages Expense 35087 Utilities Expenses 1300 i Office Expense 670 Interest Expense * 60 Depreciation Expense 2900 Insurance Expense 458 Bad Debt Expense 1487 Total Expenses 51730 Net Income /(Loss) 56012 * Your answer is incorrect. Prepare a retained earnings statement for 2020. Joseph paid a $17,160 cash dividend during the year. (recorded in Retained Earnings:) (List Items that increase owner's capital first.) JOSEPH CONSULTING ENGINEER Statement of Retained Earnings . V: $ e Textbook and Media List of Accounts Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity) JOSEPH CONSULTING ENGINEER Balance Sheet Assets $ $ Liabilities and Owner's Equity