The following are the trial balance and the other information related to Thomas Consulting E THOMAS CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 55.900 Allowance for Doubtful Accounts $806 Supplies 2,490 Prepaid Insurance 1,390 Equipment 28.900 Accumulated Depreciation-Equipment 6,137 Notes Payable 7.200 Common Stock 10,000 Retained Earnings 25,166 Service Revenue 112,499 Rent Expense 10,478 Salaries and Wages Expense 30.710 Utilities Expenses 1,670 Office Expense 770 $161,808 $161,808 1. Fees received in advance from clients $6.510, which were recorded as revenue. Type here to search 2. 3. 4. 5. Services performed for clients that were not recorded by December 31, $4,525. Bad debt expense for the year is $1,419. Insurance expired during the year $499. Equipment is being depreciated at 10% per year. Thomas gave the bank a 90-day, 10% note for $7,200 on December 1, 2020 Rent of the building is $806 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, 52.658. 6. 7 8 (a) Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg.-450 THOMAS CONSULTING ENGINEER