MASON ADVERTISING Trial Balance December 31, 2020 Unadjusted DRCR Cash$11,000 Accounts Receivable20,000 Supplies8,400 Prepaid Insurance3,600 Equipment60,000 Accumulated Depreciationâ€"Equipment$28,000 Accounts Payable5,000 Interest Payable- Salaries and Wages Payable- Notes Payable5,000 Unearned Service Revenue7,000 Common Stock10,000 Retained Earnings3,750 Service Revenue58,600 Salaries and Wages Expense10,000 Insurance Expense Interest Expense350 Depreciation Expense Rent Expense4,000 $117,350 $117,350Mason Advertising was founded in January 2013. Presented below is the unadjusted trial balance as of December 31, 2020.
Instructions Journalize the following annual adjusting entries (omit explanations). (a)The sales department forgot to report a $3,500 sale on account. DecDebitCredit 31 (b)The 2020 depreciation for the equipment is $5,000. DecDebitCredit 31 (c) DecDebitCredit 31 (d) DecDebitCredit 31Mason owes $1,300 for payroll on Jan 10, 2021, for the payroll period ending December 31, 2020. Mason purchased a six-month insurance policy on September 1, 2020, for $3,600. (The original entry was posted to the balance sheet account).
MASON ADVERTISING Trial Balance December 31, 2020 Unadjusted DRCR Cash$11,000 Accounts Receivable20,000 Supplies8,400 Prepaid Insurance3,600 Equipment60,000 Accumulated Depreciationâ€"Equipment$28,000 Accounts Payable5,000 Interest Payable- Salaries and Wages Payable- Notes Payable5,000 Unearned Service Revenue7,000 Common Stock10,000 Retained Earnings3,750 Service Revenue58,600 Salaries and Wages Expense10,000 Insurance Expense Interest Expense350 Depreciation Expense Rent Expense4,000 $117,350 $117,350
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