$($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 $31,2022,$ and an unclassified statement of financial position 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 $$17,500$ in salaries and wages in $2022,$ what was the balance in Salaries and Wages Payable on December $31,2032?$

 

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4. Misey Masonry was founded in January 2018. Presented below are adjusted and unadjusted trial balances as of December 31, 2022. MISEY MASONRY Trial Balance December 31, 2022 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable A$ 15,000 A$ 15,000 20,000 24,500 8,400 2,000 3,350 2,500 65,000 65,000 A$ 33,000 A$ 38,000 5,000 5,000 Interest Payable -0- 300 Notes Payable Unearned Service Revenue Salaries and Wages Payable 10,000 10,000 7,000 5,600 -0- 1,300 Share Capital - Ordinary 12,000 12,000 Retained Earnings 5,500 5,500 Service Revenue 58,600 64,500 Salaries and Wages Expense 15,000 16,300 Insurance Expense 850 Interest Expense 350 650 Depreciation Expense 5,000 Supplies Expense 6,400 Rent Expense 4,000 4,000 A$131.100 A$131.100 A$142.200 A$142.200 4. Misey Masonry was founded in January 2018. Presented below are adjusted and unadjusted trial balances as of December 31, 2022. MISEY MASONRY Trial Balance December 31, 2022 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable A$ 15,000 A$ 15,000 20,000 24,500 8,400 2,000 3,350 2,500 65,000 65,000 A$ 33,000 A$ 38,000 5,000 5,000 Interest Payable -0- 300 Notes Payable Unearned Service Revenue Salaries and Wages Payable 10,000 10,000 7,000 5,600 -0- 1,300 Share Capital - Ordinary 12,000 12,000 Retained Earnings 5,500 5,500 Service Revenue 58,600 64,500 Salaries and Wages Expense 15,000 16,300 Insurance Expense 850 Interest Expense 350 650 Depreciation Expense 5,000 Supplies Expense 6,400 Rent Expense 4,000 4,000 A$131.100 A$131.100 A$142.200 A$142.200