p3 2 adjusting entries and financial statements mason advertising agency was founded 264442
P3 2 (Adjusting Entries and Financial Statements)Mason Advertising Agency was founded in January 2008. Presented below are adjusted and unadjusted trial balances as of December 31, 2012.
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p3 2 adjusting entries and financial statements mason advertising agency was founded 264442
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(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, 2012, 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 and wages in 2012, what was the balance in Salaries and Wages Payable on December 31, 2011?
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