Other data:
1. Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $27500.
2. The company determined that $16500 of previously unearned consulting fees had been earned at December 31.
3. Office supplies on hand at December 31 total $330
4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years.
5. The company prepaid its nine-month rent agreement on June 1, 2020.
6. The company prepaid its six-month insurance policy on December 1, 2020
7. Accrued but unpaid salaries total $13200 at December 31,2020.
8. On September 1, 2020, the company borrowed $66000 by signing an eight-month, 4 percent note payable. The entire amount, plus interest, is due March 31, 2021.
Account Debit Credit
Cash 304,150
Accounts Receivable 99,000
Office supplies 880
Prepaid rent. 3,960
Unexpired insurance 1,650
Office equipment 79,200
Accumulated depreciation: office equipment 26,400
Accounts payable 4,400
Notes payable (due 3/1/12) 66,000
Interest payable 660
Income taxes payable 9,900
Dividends payable 3,500
Unearned consulting fees 24,200
Capital stock 220,000
Retained earnings 44,000
Dividends 3,500
Consulting fees earned 550,000
Rent expense 16,170
Insurance expense 2,420
Office supplies expense 4,950
Depreciation expense: office equipment 12,100
Salaries expense 363,000
Utilities expense 5,280
Interest expense 3,300
Income taxes expense 49,500
Totals 949,060 949,060
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