Mason Advertising Agency

Please see the attached file.
Mason Advertising Agency was founded in January 2006. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2010.

MASON ADVERTISING AGENCY
TRIAL BALANCE
DECEMBER 31, 2010
Unadjusted Adjusted
Dr. Cr. Dr. Cr.

Cash $ 11,000 $ 11,000

Accounts Receivable 20,000 23,500

Art Supplies 8,400 3,000

Prepaid Insurance 3,350 2,500

Printing Equipment 60,000 60,000

Accumulated Depreciation $ 28,000 $ 33,000

Accounts Payable 5,000 5,000

Interest Payable -0- 150

Notes Payable 5,000 5,000

Unearned Advertising Revenue 7,000 5,600

Salaries Payable -0- 1,300

Common Stock 10,000 10,000

Retained Earnings 3,500 3,500

Advertising Revenue 58,600 63,500

Salaries Expense 10,000 11,300

Insurance Expense 850

Interest Expense 350 500

Depreciation Expense 5,000

Art Supplies Expense 5,400

Rent Expense 4,000 4,000

Totals $117,100 $117,100 $127,050 $127,050

Instructions

(a) Journalize the annual adjusting entries that were made.
(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2010, 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 in 2010, what was the balance in Salaries Payable on
December 31, 2009?

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