Coronado Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as...
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Coronado Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. CORONADO ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes 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 Unadjusted Dr. $14,500 26,000 9,250 5,020 65,740 11,560 500 Cr. $25,710 28,299 -0- 5,400 6,610 -0- 10,170 3,840 58,401 Adjusted Dr. $14,500 29,845 3,598 4,226 65,740 12,822 794 662 4,950 5,652 5,860 Cr. $30,660 28,299 162 5,400 5,096 1,262 10,170 3,840 63,760 5,860 $138,430 $138,430 $148,649 $148,649 Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31 5. Dec. 31 6. Dec. 31 7. Dec. 31 (To record accrued service revenue) (To record earned service revenue) (To record supplies used) (To record depreciation on equiment) (To record interest accrued on the note) (To record expired insurance) (To record accrued wages) Prepare an income statement for the year ending December 31, 2020. (Enter loss using either a negative sign preceding the number eg. -45 or parentheses eg (451) eTextbook and Media List of Accounts CORONADO ADVERTISING Income Statement Prepare a statement of retained earnings for the year ending December 31, 2020. (List items that increase retained earnings first.) CORONADO ADVERTISING Statement of Retained Earnings $ Prepare an unclassified balance sheet at December 31. (List assets in order of liquidity) ; CORONADO ADVERTISING Balance Sheet Assets Liabilities and Stockholders' Equity $ S $ Answer the following questions. (Round interest rate to O decimal places, eg. 7%) (1) If the note has been outstanding 3 months, what is the annual interest rate on that note? The annual interest rate 96 (2) If the company paid $12,850 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? The balance in Salaries and Wages Payable $ Coronado Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. CORONADO ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes 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 Unadjusted Dr. $14,500 26,000 9,250 5,020 65,740 11,560 500 Cr. $25,710 28,299 -0- 5,400 6,610 -0- 10,170 3,840 58,401 Adjusted Dr. $14,500 29,845 3,598 4,226 65,740 12,822 794 662 4,950 5,652 5,860 Cr. $30,660 28,299 162 5,400 5,096 1,262 10,170 3,840 63,760 5,860 $138,430 $138,430 $148,649 $148,649 Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31 5. Dec. 31 6. Dec. 31 7. Dec. 31 (To record accrued service revenue) (To record earned service revenue) (To record supplies used) (To record depreciation on equiment) (To record interest accrued on the note) (To record expired insurance) (To record accrued wages) Prepare an income statement for the year ending December 31, 2020. (Enter loss using either a negative sign preceding the number eg. -45 or parentheses eg (451) eTextbook and Media List of Accounts CORONADO ADVERTISING Income Statement Prepare a statement of retained earnings for the year ending December 31, 2020. (List items that increase retained earnings first.) CORONADO ADVERTISING Statement of Retained Earnings $ Prepare an unclassified balance sheet at December 31. (List assets in order of liquidity) ; CORONADO ADVERTISING Balance Sheet Assets Liabilities and Stockholders' Equity $ S $ Answer the following questions. (Round interest rate to O decimal places, eg. 7%) (1) If the note has been outstanding 3 months, what is the annual interest rate on that note? The annual interest rate 96 (2) If the company paid $12,850 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? The balance in Salaries and Wages Payable $
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Answer rating: 100% (QA)
The given information provides the unadjusted and adjusted trial balances of Coronado Advertising as of December 31 2020 Lets analyze the adjustments made to the various accounts Adjustments Made 1 Ac... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Posted Date:
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