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problem: Ana Alicia Advertising Corporation was founded in January 2003. Presented on the next page are the adjusted & unadjusted trial balances as of December 31, 2007

 

Ana Alicia Advertising
Trial Balance
December 31,2007

 

 

Unadjusted

Adjusted

Dr.

Cr.

Dr

Cr

Cash

$7,000

 

$7,000

 

Accounts Receivable

19,000

 

22,000

 

Art Supplies

8,500

 

5,500

 

Prepaid Insurance

3,250

 

2,500

 

Printing Equipment

60,000

 

60,000

 

Accumulated Depreciation

 

$27,000

 

$33,750

Accounts Payable

 

5,000

 

5,000

Interest Payable

 

 

 

150

Notes Payable

 

5,000

 

5,000

Unearned Service Revenue

 

7,000

 

5,600

Salaries Payable

 

 

 

1,500

Common Stock

 

10,000

 

10,000

Retained Earnings

 

4,500

 

4,500

Service Revenue

 

58,600

 

63,000

Salaries Expense

10,000

 

11,500

 

Insurance Expense

 

 

750

 

Interest Expense

350

 

500

 

Depreciation Expense

6,750

 

 

 

Art Supplies Expense

5,000

 

8,000

 

Rent Expense

4,000

 

4,000

 

 

$117,000

$117,000

$128,500

$128,500

Instructions;

[A] Journalize the yearly adjusting entries that were made.
[B] Make an income statement & a statement of retained earnings for year ending December 31, 2007, & an unclassified balance sheet at December 31, 2007.
[C] Answer the given problems.

(a) If the useful life of equipment is eight years, find out the expected salvage life?
(b) If the note has been outstanding three months, find out the annual interest rate on that note?
(c) If the company paid $12,500 in salaries in 2007, find out the balance in Salaries Payable on December 31, 2006?

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922658

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