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Mason Advertising Agency was founded in January 2010.

Mason Advertising Agency was founded in January 2010.

P3-2 (Adjusting Entries and Financial Statements) Mason Advertising Agency was founded in January 2010. Presented below are adjusted and unadjusted trial balances as
of December 31, 2014.

Unadjusted
Adjusted

Debit
Credit
Debit
Credit
Cash
$11,000

$11,000

Accounts Receivable
20,000

23,500

Supplies
8,400

3,000

Prepaid Insurance
3,350

2,500

Equipment
60,000

60,000

Accumulated Depreciation – Equipment

$28,000

$33,000
Accounts Payable

5,000

5,000
Interest Payable

0

150
Notes Payable

5,000

5,000
Unearned Service Revenue

7,000

5,600
Salaries and Wages Payable

0

1,300
Common Stock

10,000

10,000
Retained Earnings

3,500

3,500
Service Revenue

58,600

63,500
Salaries and Wages Expense
10,000

11,300

Insurance Expense

850

Interest Expense
350

500

Depreciation Expense

5,000

Supplies Expense

5,400

Rent Expense
4,000

4,000

Totals:
$117,100
$117,100
$127,050
$127,050

Instructions:
(a) Journalize the annual adjusting entries that were made. (Omit explanations.)
(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014 and an unclassified balance sheet at December 31.
(c) Answer the following questions:
(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?
(2) If the company paid $12,500 in salaries and wages in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013

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