urrent Attempt in Progress The following are the trial balance and the other information related to John Consulting Engineer. JOHN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 58,000 Allowance for Doubtful Accounts $686 Supplies 1,750 Prepaid Insurance Equipment Accumulated Depreciation-Equipment 1,230 30,400 6,462 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 24,057 Service Revenue 117,003 Rent Expense 8,918 Salaries and Wages Expense 33,340 Utilities Expenses 1,510 Office Expense 760 $165.408 $165.408 1. Fees received in advance from clients $6.060, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $4,99O. 3. Bad debt expense for the year is $1.570. Insurance expired during the year $483. Equipment is being depreciated at 10% per year. John gave the bank a 90-day. 10% note for $7.200 on December 1, 2020. Rent of the building is $686 per month. The rent for 2020 has been paid, as has that for January 2021, and reco Rent Expense. Office salaries and wages earned but unpaid December 31.2020. $2.604. 4. 5. 6. 7. 8. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit accou itles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, sedect "No entry for the account titles and enter O for the amounts) No. Account Titles and Explanation Debit Credit 1. Service Revenue 6060 Unearned Service Revenue 6060 2. Accounts Receivable 4990 Service Revenue 4990 3. Bad Debt Expense 1570 Allowance for Doubtful Accounts 1570 4. Insurance Expense 483 Prepaid Insurance 483 5. Depreciation Expense 3040 Accumulated Depreciation-Building 3040 6. Interest Experse 60 Interest Payable 60 7. Prepaid Rent 686 Rent Expense 686 8. Salaries and Wages Expense 2604 Salaries and Wages Payable 2604 eTextbook and Media List of Accounts MacRookAir - Your answer is partially correct. Prepare a retained earnings statement for 2020. John paid a $18,550 cash dividend during the year. (recorded in Retained Earnings.) (LIst items that increase owner's capital first) JOHN CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earmings. January 1 Add v: Expenses 51599 Less v Dividends 18550 Retained Earnings. December 31 v eTextbook and Media List of Accounts Your answer is partlally correct. Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity JOHN CONSULTING ENGINEER Balance Sheet December 31.2020 Assets Current Asets MacBook Air Prepare a classified balance sheet for 2020. (List current assets in the order of Bquidity) JOHN CONSULTING ENGINEER Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Recelvable 62990 Less v: Alowance for Doubtful Accounts 2256 Supplies Prepaid Rent Prepaid Insurance Total Current Assets Equipment Less v: Accumulated Depreciation-Equipment Total Property, Plant and Equipment Liabilities and Owner's Equity Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Equipment Less v: Accumulated Depreciation-Equipment Total Property, Plant and Equipment Liabilities and Owner's Equity Current Assets Cash Accounts Recelvable eTextbook and Media Assistance Used List of Accounts