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The following are the trial balance and the other information related to Michael Consulting Engineer. 1. Fees received in advance from clients $5,980, which were
The following are the trial balance and the other information related to Michael Consulting Engineer. 1. Fees received in advance from clients $5,980, which were recorded as revenue 2. Services performed for clients that were not recorded by December 31.54 .526 . 3. Bad debt expense for the year is $1,483. 4. Insurance expired during the year $501. 5. Equipment is being depreciated at 100 per year. 6. Michael gave the banik a 90-day. 10% note for $7.200 on December 1, 2020. 7. Rent of the building is $758 per montte The rent for 2020 has been paid, as has that for January 2021 , and recorded as Rent Expense. 8. Otfice salaries and wages earned but unpaid December 31, 2020, $2.598. From the trial balance and other information given, prepare annual adjusting entries as of December 31,2020 . (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount tities and enter Ofor the amounts.) Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg. -45 or parentheses eg. (4. Prepare a retained earnings statement for 2020. Michael paid a $15.510 cash dividend during the year. (recorded in Retained Earnings.) (Uist items that increase owner's capital first.)
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