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Credit SANTO DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 150 Depreciation Expense 7,000 Supplies Expenses 3,400 Rent Expense 4,000 $127,050 $35,000 5,000 150 5,000 5,600 1,300 10,000 3,500 61,500 $127,050 Common Stock 10000 T Retained Earnings 38300 T Total Stockholders' Equity 48300 Total Liabilities and Stockholders' Equity X] Your answer is incorrect. Try again. Answer the following questions. (Round interest rate to O decimal places, e.g. 5%.) (1) If the note has been outstanding 6 months, what is the annual interest rate on that note? (Hint: Assume that the amount of interest payable in the trial balance relates to the note payable in the trial balance.) The annual interest rate (2) If the company paid $17,500 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019? The balance in Salaries and Wages Payable Click if you would like to Show Work for this question: Open Show Work