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P3.2 (LO 3, 4) Excel (Adjusting Entries and Financial Statements) Mason Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Adjusted Dr. Cr. $ 11,000 23,500 3,000 2,500 60,000 $ 33,000 5,000 Mason Advertising Trial Balance December 31, 2020 Unadjusted Dr. Cr. Cash $ 11,000 Accounts Receivable 20,000 Supplies 8,400 Prepaid Insurance 3,350 Equipment 60,000 Accumulated Depreciation Equipment $ 28,000 Accounts Payable 5,000 Interest Payable -0- Notes Payable 5,000 Unearned Service Revenue 7,000 Salaries and Wages Payable -0- Common Stock 10,000 Retained Earnings 3,500 Service Revenue 58,600 Salaries and Wages Expense 10,000 Insurance Expense Interest Expense 350 Depreciation Expense Supplies Expense Rent Expense 4,000 $117,100 $117,100 150 5,000 5,600 1,300 10,000 3,500 63,500 11,300 850 500 5,000 5,400 4,000 $127,050 $127,050 Instructions a. Journalize the annual adjusting entries that were made. (Omit explanations.) b. Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, 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 2020, what was the balance in Salaries and Wages Payable on December 31, 2019