| Mason Advertising Agency was founded in January 2017. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. |
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| MASON ADVERTISING AGENCY | |||||||
| Trial Balance | |||||||
| December 31, 2020 | |||||||
| Unadjusted | Adjusted | ||||||
| Debit | Credit | Debit | Credit | ||||
| Cash | $11,000 | $11,000 | |||||
| Accounts Receivable | 20,000 | 23,500 | |||||
| Supplies | 8,400 | 3,000 | |||||
| Prepaid Insurance | 3,350 | 2,500 | |||||
| Equipment | 60,000 | 60,000 | |||||
| Accumulated Depreciation – Equipment | $28,000 | $33,000 | |||||
| Accounts Payable | 5,000 | 5,000 | |||||
| Interest Payable | 0 | 150 | |||||
| Notes Payable | 5,000 | 5,000 | |||||
| Unearned Service Revenue | 7,000 | 5,600 | |||||
| Salaries and Wages Payable | 0 | 1,300 | |||||
| Common Stock | 10,000 | 10,000 | |||||
| Retained Earnings | 3,500 | 3,500 | |||||
| Service Revenue | 58,600 | 63,500 | |||||
| Salaries and Wages Expense | 10,000 | 11,300 | |||||
| Insurance Expense | 850 | ||||||
| Interest Expense | 350 | 500 | |||||
| Depreciation Expense | 5,000 | ||||||
| Supplies Expense | 5,400 | ||||||
| Rent Expense | 4,000 | 4,000 | |||||
| Totals: | $117,100 | $117,100 | $127,050 | $127,050 | |||
| Instructions: Each Journal Entry = 1 point, 7 points total | |||||||
| (a) Journalize the annual adjusting entries that were made. (Omit explanations.) | |||||||
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