The unadjusted trial balance for Black Inc. follows.

Unadjusted Trail Balance
31-Dec-20
Account	Debit	Credit
Cash	6,320
Accounts receivable	6,000
Prepaid lease expense	19,200
Supplies	11,000
Equipment	20,000
Accumulated depreciation-equipment		3,000
Accounts payable		2,000
Note payable		8,000
Common share		20,000
Retained earnings		8,000
Dividends	10,000
Service revenue		50,000
Interest expense	480
Salaries expense	13,000
Utility expense	2,000
Miscellaneous expense	3,000
Totals	91,000	91,000

Additional information for accounting adjustments

1. Black was required to pay the entire rental for a one-year lease beginning July 1 for $13,200 cash. Black recorded the payment as a debit to Prepaid Lease Expense.
2. A year-end count revealed $2,000 of supplies still available.
3. Annual depreciation expense on the equipment is $1,000.
4. Unpaid and unrecorded salaries is $2,000 at year-end.
5. The note payable calls for annual interest of 8%, payable each September 30. The principal amount of the note is not due for several years.

Required

1. Record the required adjusting journal entries.
2. Prepare the adjusted trial balance.
3. Prepare the income statement (single-step) for 2020 and the balance sheet at year-end 2020.
4. Prepare closing entries.