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Teaching Since:	May 2017
Last Sign in:	401 Weeks Ago, 1 Day Ago
Questions Answered:	66690
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Education

MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

Experience

Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 9.00

Minor Advertising Agency

Minor Advertising Agency was founded by Brandon Minor in January of 2011. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2012.

	MINOR ADVERTISING AGENCY
		Trial Balance
		December 31, 2012
	Unadjusted		Adjusted
	Dr.	Cr.	Dr.	Cr.
Cash	$ 11,000		$ 11,000
Accounts Receivable	20,000		21,500
Supplies	8,600		4,800
Prepaid Insurance	3,350		2,500
Equipment	60,000		60,000
Accumulated Depreciation—Equipment		$ 28,000		$ 34,000
Accounts Payable		5,000		5,000
Interest Payable		–0–		150
Notes Payable		5,000		5,000
Unearned Service Revenue		7,200		5,900
Salaries and Wages Payable		–0–		2,100
Owner’s Capital		25,500		25,500
Owner’s Drawings	12,000		12,000
Service Revenue		58,600		61,400
Salaries and Wages Expense	10,000		12,100
Insurance Expense			850
Interest Expense	350		500
Depreciation Expense			6,000
Supplies Expense			3,800
Rent Expense	4,000		4,000
	$129,300	$129,300	$139,050	$139,050

Instructions

(a) Journalize the annual adjusting entries that were made.

(b) Prepare an income statement and an owner’s equity statement for the year ending December 31, 2012, and a balance sheet at December 31.

(1) If the note has been outstanding 6 months, what is the annual interest rate on that note?

(2) If the company paid $12,500 in salaries in 2012, what was the balance in Salaries and Wages Payable on December 31, 2011?

Answers

Maurice Tutor

(5)

Status NEW Posted 25 Sep 2017 01:09 PM My Price 9.00

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