P3-2 (L03,4) EXCEL
(Adjusting Entries and Financial Statements) Mason Advertising was founded in January 2013, Presented below are adjusted and unadjusted trial balances as of December 31, 2017 .
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, 2017, 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 2017, what was the balance in Salaries and Wages Payable on December 31, 2016?
Homework Answers
| Mason Advertising | ||
| Year Ended December 2017 | ||
| Journal Entry - Annual Adjustment | ||
| Account Head | Debit | Credit |
| Accounts Receivable | 1500 | |
| Supplies expense | 5400 | |
| Depreciation | 5000 | |
| Unearned service revenue | 1400 | |
| Salaries and wages expense | 1300 | |
| Insurance expenses | 850 | |
| Interest expense | 150 | |
| Prepaid Insurance | 850 | |
| Accumulated Depreciation | 5000 | |
| Interest Payable | 150 | |
| Salaries and wages Payable | 1300 | |
| Service Revenue | 2900 | |
| Supplies | 5400 | |
| 15600 | 15600 |
| Mason Advertising | ||
| Income Statement for the year ended December 2017 | ||
| Particulars | $ | $ |
| Income | ||
| Sales Revenue | 63500 | |
| Expenditure | ||
| Salaries and Wages | 11300 | |
| Insurance expense | 850 | |
| Interest Expense | 500 | |
| Depreciation | 5000 | |
| Supplies | 5400 | |
| Rent expense | 4000 | 27050 |
| Profit for the year | 36450 |
| Mason Advertising | |
| Statement of Retained Earnings | |
| Particulars | $ |
| Opening Balance | 3500 |
| Add Profit for the year 2017 | 36450 |
| Closing balance | 39950 |
| Mason Advertising | ||
| Unclassified Balance sheet for year ended Dec 2017 | ||
| Particulars | $ | $ |
| Liabilities | ||
| Common Stock | 10000 | |
| Retained Earnings | 39950 | |
| Accounts Payable | 5000 | |
| Interest Payable | 150 | |
| Notes Payable | 5000 | |
| Salaries and Wages Payable | 1300 | |
| Unearned Service Revenue | 5600 | |
| Total Liabilites | 67000 | |
| Assets | ||
| Equipment | 60000 | |
| Less Accumilated Depreciation | 33000 | 27000 |
| Cash | 11000 | |
| Accounts Receivable | 23500 | |
| Supplies | 3000 | |
| Prepaid Insurance | 2500 | |
| Total Assets | 67000 |
Add Answer to:
Mason Advertising was founded in January 2013, Presented below are adjusted and unadjusted trial balances as of December 31, 2017 .
Oriole was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of...
Oriole was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. ORIOLE TRIAL BALANCE DECEMBER 31, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Unadjusted Adjusted Dr. Cr. Dr. _ Cr $20,000 $20,000 22.000 26,500 9,000 2,800 2,500 1.850 71.000 71.000 $31.000 $36.000 7.000 7,000 330 11,000 11,000 7,500 6.200 1,600 13.000 13,000 5.000 5,000 71.800 77,600 16,600 18,200 650...
Problem 3-02 Concord Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial...
Problem 3-02 Concord Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. CONCORD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Dr. Cr. Cash $12,000 Accounts Receivable 25,800 Supplies 9,520 Prepaid Insurance 4,690 Equipment 64,130 Accumulated Depreciation Equipment $26,050 Accounts Payable 24,692 Interest Payable Notes Payable 4,800 Unearned Service Revenue 7,460 Salaries and Wages Payable -0- Common Stock 9,730 Retained Earnings 3,670 Service Revenue 56,768 Salaries and Wages Expense 11,880 Insurance...
Sheridan was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020
Sheridan was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020
Problem 3-02 Tamarisk Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial...
Problem 3-02 Tamarisk Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. TAMARISK ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Cr. Adjusted Cr. Dr. Dr. Cash $17,960 $17,960 33,784 Accounts Receivable 30,200 Supplies 8,640 3,366 3,436 65,890 Prepaid Insurance 4,300 65,890 Equipment Accumulated Depreciation-Equipment $27,250 34,524 $32,390 Accounts Payable 34,524 Interest Payable -0- 141 Notes Payable 4,700 4,700 Unearned Service Revenue 6,550 5,151 Salaries and Wages Payable -0- 1,197 Common...
Windsor, Inc. was founded in January 2017. Presented below are adjusted and unadjusted trial balances as at December 31, 2020.
Windsor, Inc. was founded in January 2017. Presented below are adjusted and unadjusted trial balances as at December 31, 2020.
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Santo Design Adjusted Trial Balance December 31, 2020 Dr. Cr. Cash $ 11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation—Equipment $ 35,000 Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 61,500 Salaries and Wages Expense 11,300 Insurance...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Santo Design Adjusted Trial Balance December 31, 2020 Dr. Cr. Cash $ 11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation—Equipment $ 35,000 Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 61,500 Salaries and Wages Expense 11,300 Insurance...
Whispering Advertising was founded by Murali Vedula in January 2015. Presented below are both the adjusted...
Whispering Advertising was founded by Murali Vedula in January
2015. Presented below are both the adjusted and unadjusted trial
balances as of December 31, 2017.
WHISPERING ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$13,560
$13,560
Accounts Receivable
16,310
19,286
Supplies
9,610
6,495
Prepaid Insurance
3,870
2,247
Equipment
60,700
60,700
Accumulated Depreciation-Equipment
$26,150
$30,850
Notes Payable
8,700
8,700
Accounts Payable
1,800
1,800
Interest Payable
0
609
Unearned Service Revenue
4,800
2,864
Salaries and Wages Payable...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
Problem 3-8 (Part Level Submission) Skysong Advertising was founded by Murali Vedula in January 2015. Presented...
Problem 3-8 (Part Level Submission)
Skysong Advertising was founded by Murali Vedula in January 2015.
Presented below are both the adjusted and unadjusted trial balances
as of December 31, 2017.
SKYSONG ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$15,940
$15,940
Accounts Receivable
17,740
21,370
Supplies
9,840
7,066
Prepaid Insurance
4,000
2,562
Equipment
69,700
69,700
Accumulated Depreciation-Equipment
$26,320
$31,590
Notes Payable
7,300
7,300
Accounts Payable
1,980
1,980
Interest Payable
0
511
Unearned Service Revenue
4,720...
Oriole was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. ORIOLE TRIAL BALANCE DECEMBER 31, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Unadjusted Adjusted Dr. Cr. Dr. _ Cr $20,000 $20,000 22.000 26,500 9,000 2,800 2,500 1.850 71.000 71.000 $31.000 $36.000 7.000 7,000 330 11,000 11,000 7,500 6.200 1,600 13.000 13,000 5.000 5,000 71.800 77,600 16,600 18,200 650...
Problem 3-02 Concord Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. CONCORD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Dr. Cr. Cash $12,000 Accounts Receivable 25,800 Supplies 9,520 Prepaid Insurance 4,690 Equipment 64,130 Accumulated Depreciation Equipment $26,050 Accounts Payable 24,692 Interest Payable Notes Payable 4,800 Unearned Service Revenue 7,460 Salaries and Wages Payable -0- Common Stock 9,730 Retained Earnings 3,670 Service Revenue 56,768 Salaries and Wages Expense 11,880 Insurance...
Sheridan was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020
Problem 3-02 Tamarisk Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. TAMARISK ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Cr. Adjusted Cr. Dr. Dr. Cash $17,960 $17,960 33,784 Accounts Receivable 30,200 Supplies 8,640 3,366 3,436 65,890 Prepaid Insurance 4,300 65,890 Equipment Accumulated Depreciation-Equipment $27,250 34,524 $32,390 Accounts Payable 34,524 Interest Payable -0- 141 Notes Payable 4,700 4,700 Unearned Service Revenue 6,550 5,151 Salaries and Wages Payable -0- 1,197 Common...
Windsor, Inc. was founded in January 2017. Presented below are adjusted and unadjusted trial balances as at December 31, 2020.
Whispering Advertising was founded by Murali Vedula in January
2015. Presented below are both the adjusted and unadjusted trial
balances as of December 31, 2017.
WHISPERING ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$13,560
$13,560
Accounts Receivable
16,310
19,286
Supplies
9,610
6,495
Prepaid Insurance
3,870
2,247
Equipment
60,700
60,700
Accumulated Depreciation-Equipment
$26,150
$30,850
Notes Payable
8,700
8,700
Accounts Payable
1,800
1,800
Interest Payable
0
609
Unearned Service Revenue
4,800
2,864
Salaries and Wages Payable...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
Problem 3-8 (Part Level Submission)
Skysong Advertising was founded by Murali Vedula in January 2015.
Presented below are both the adjusted and unadjusted trial balances
as of December 31, 2017.
SKYSONG ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$15,940
$15,940
Accounts Receivable
17,740
21,370
Supplies
9,840
7,066
Prepaid Insurance
4,000
2,562
Equipment
69,700
69,700
Accumulated Depreciation-Equipment
$26,320
$31,590
Notes Payable
7,300
7,300
Accounts Payable
1,980
1,980
Interest Payable
0
511
Unearned Service Revenue
4,720...
Most questions answered within 3 hours.
-
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 40 minutes ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 42 minutes ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 1 hour ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 2 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 2 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 3 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 3 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 3 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 3 hours ago -
Why would your heart not function well if constructed of
skeletal muscle? What is the particular...
asked 3 hours ago -
Please respond to this essay question in full essay form for
Chemistry 1102 Organic and Biochemistry:...
asked 3 hours ago -
Determine the head loss and velocity of flow in a water supply main
of 15.0 cm...
asked 3 hours ago