Unadjusted Adjustments CREDIT # DEBIT Account Title DEBIT Cash $ 25,550 Accounts receivable 49,600 Allowance for Doubtful Accounts 750 Prepaid insurance 1,100 prepaid rent Supplies 1,950 1,960 Equipment Accum deprecequip Wages payable Note payable 25,000 6,250 7,200 Interest payable Common stock 25,010 Retained earnings 10,000 Dividends 2,000 Service revenue 100,000 Bad debt expense Wage expense 30,500 Rent expense 9,750 Depreciation expense Insurance expense Interest expense Office expense Utilities expense Totals 720 1,080 149,210 149,210 Adjusted CREDIT # Adjusting Journal Entries Account 1 DEBIT CREDIT # CREDIT DEBIT 1. Services performed for clients that were not recorded by 12/31, $4,900 2. Bad debt expense for the year is estimated as $1,430 3. Insurance expired for the year is $480 4. Equipment is being depreciated at 10% per year 5. Hills corp issues a 90-day note payble for $7200 on 12/1/2020, the annual interest rate is 10% 6. Rent of the building is $975 per month. The rent for 2020 has been recorded as rent expense until 10/31/2020. 7. Employees salaries earned but unpaid December 31, 2020, $2510 Requirement: 1. From the trial balance and other information provided, prepare annual adjusting entries as of 12/31/2020. (omit explanations) 2. Post your adjusted journal entries in the adjustment section and prepare adjusted trial balance in the worksheet. 3. Prepare an income statement, a retained earnings statement, and a balance sheet for the year ended 12/31/2020