Mason Advertising Agency Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances

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Mason Advertising Agency Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2017.

Mason Advertising Agency Inc. was founded in January 2013.

"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 three 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?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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