Mason Advertising Agency Inc. was established in January 2017. The following is the adjusted and unadjusted trial balance as of December 31, 2020. Mason Advertising Agency Inc. Trial Balance December 31, 2020 Unadjusted Adjusted Dr. S 11,000 20,000 Cr. Dr. Cr. $11.0 Instructions A. Prepare the annual adjusting entries made. (Ignore explanation.) B. Prepare a statement of income and retained earnings for the year ended December 31, 2020, and a statement of financial position not classified as of December 31. C. Answer the following questions. 1. If the note has been outstanding for three months, what is the annual interest rate on the note? 2. If the company paid salaries and wages of $12,500 in 2020, what was the balance in Salaries and Wages Payable as of December 31, 2019?

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a Journalize the annual adjusting entries that were made In Euro In Euro Transactions Debit Credit A... View the full answer