24. Hani me my own FAIM TRAVEL AGENCY TUBE EM N waren TL dari py Band SEX W WE 2 Chapter 3 The Accounting Information System Instruction (a) Joumalize the annual adjusting entries that were made it explanation (b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2020, and an unda sifadhalance sheet at December 31 e Answer the following questions (1) the note has been outstanding 6 months, what is the annual interest rate on that note? (2) the company paid $27,2%) in salaries and wages in 2021, what was the balance in Salaries and Wages l'ayable on December 31, 2019 INCLASS- PROBLEM 3.2B .......... Dec. 31 Accounts Receivable ($ Service Revenue. 31 Service Revenue 2,800 2,800 31 31 Depreciation Expense Accumulated Depreciation- Equipment ($ 600 31 600 31 Insurance Expense. Prepaid Insurance 31 1,850 1,850 (b) PALM TRAVEL AGENCY Income Statement For the Year Ended December 31, 2020 Revenues Expenses Depreciation expense. Rent expense In st expense Total expenses. Net income. PALM TRAVEL AGENCY Statement of Retained Earnings For the Year Ended December 31, 2020 Retained earnings, January 1. Add: Net income.... Retained earnings, December 31 $ 13,800 $ PALM TRAVEL AGENCY Balance Sheet December 31, 2020 Assets Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation-equipment. Total assets $16,500 $40.350 Liabilities and Stockholders' Equity Liabilities Notes payable. Accounts payable Salaries and wages payable Unearned service revenue.. Interest payable. Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 15,300 25,050 $40.350 c) 1. Interest is $ 2. Salaries and Wages Expense, $27,850 less Salaries and Wages Payable 12/31/20, $1,850 = $26,000. Total Payments, $27,200 - $26,000 = $1,200 Salaries and Wages Payable 12/31/19. Pa.20 ILO 2,4 Adjusting Entries and Financial Sulements Travel Agey was founded in January 2014 Desented below an austed and adjusted trial balancesas December 31, 2013 PALM TRAVEL AGENCY TALAM DECEMBER Ce SI Aw Sul Pepa q Accued Deewitin NO P 200 my Salario de este wa Serie 200 1200 Ret Karin Sencor Disper Suppleant mus 2 Chapter 3 The Accounting information System Instructions 4 tamalar aayittalam mah (Guitarianatan c) Peep an end and mental retained in the year ending her and an und fudbalance sheet at Di Anwerthfawing questo ) the thing with what is the they paid 27,20 islacies and we the balance in Sandalen De 31, 2017 INCLASS- PROBLEM 3.2B (a) Dec. 31 Accounts Receivable ($ Service Revenue 31 Service Revenue