The following are the trial balance and the other information related to Kevin Consulting Engineer.

KEVIN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020
		Debit			Credit
Cash		$29,500
Accounts Receivable		55,700
Allowance for Doubtful Accounts					$803
Supplies		2,300
Prepaid Insurance		1,120
Equipment		29,000
Accumulated Depreciation-Equipment					6,145
Notes Payable					7,200
Common Stock					10,000
Retained Earnings					23,254
Service Revenue					115,957
Rent Expense		10,439
Salaries and Wages Expense		32,900
Utilities Expenses		1,760
Office Expense		640
		$163,359			$163,359

1.		Fees received in advance from clients $5,890, which were recorded as revenue.
2.		Services performed for clients that were not recorded by December 31, $4,928.
3.		Bad debt expense for the year is $1,544.
4.		Insurance expired during the year $437.
5.		Equipment is being depreciated at 10% per year.
6.		Kevin gave the bank a 90-day, 10% note for $7,200 on December 1, 2020.
7.		Rent of the building is $803 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, $2,718.

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 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
6.
7.
8.

Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

KEVIN CONSULTING ENGINEER Income Statement December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
DrawingsExpensesNet Income / (Loss)Onwers Capital, January 1Owners Capital, December 31RevenuesTotal ExpensesTotal Revenues
		$
DrawingsExpensesNet Income / (Loss)Onwers Capital, January 1Owners Capital, December 31RevenuesTotal ExpensesTotal Revenues
	$
DrawingsExpensesNet Income / (Loss)Onwers Capital, January 1Owners Capital, December 31RevenuesTotal ExpensesTotal Revenues
DrawingsExpensesNet Income / (Loss)Onwers Capital, January 1Owners Capital, December 31RevenuesTotal ExpensesTotal Revenues		$

Prepare a retained earnings statement for 2020. Kevin paid a $17,080 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.)

KEVIN CONSULTING ENGINEER Statement of Retained Earnings December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$
AddLess: DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
AddLess: DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$