P$3-2($LO $3\mathrm{.}4)$ Adjusting Entries and Financial Statements

Mason Advertising was founded in January $2013.$ Presented below is the unadjusted trial balances as of December $31,2020.$

$\backslash$table$[[\backslash$table$[[$MASON ADVERTISING$],[$Trial Balance$],[$December $31,2020]]],[,,$Unadjusted,Adjustments,Adjusted$],[,,DR,,CR,\frac{?}{\text{b}\text{a}\text{r}}(DR),CR,,DR,,$CR$],[$Cash$,$$$,11,000,,,,,$$$,11,000,,],[$Accounts Receivable,,$20,000,,,,,$$$,20,000,,],[$Supplies$,,8,400,,,,,$$$,8,400,,],[$Prepaid Insurance,,$3,350,,,,,$$$,3,350,,],[$Equipment$,,60,000,,,,,$$$,60,000,,],[$Accumulated Depreciation$-$Equipment,,,$$,28,000,,,,,$$$,28,000],[$Accounts Payable,,,,$5,000,,,,,$$$,5,000],[$Interest Payable,,,,$-,,,,,$$$,-],[$Notes Payable,,,,$5,000,,,,,$$$,5,000],[$Unearned Service Revenue,,,,$7,000,,,,,$$$,7,000],[$Salaries and Wages Payable,,,,$-,,,,,$$$,-],[$Common Stock,,,,$10,000,,,,-,$$$,10,000],[$Retained Earnings,,,,$3,500,,,,,$$$,3,500],[$Service Revenue,,,,$58,600,,,,,$$$,58,600],[$Salaries and Wages Expense,,$10,000,,,,,,10,000,,],[$Insurance Expense,,,,,,,,$-,,],[$Interest Expense,,$350,,,,,,350,,],[$Depreciation Expense,,,,,,,,$-,,],[$Supplies Expense,,,,,,,,$-,,],[$Rent Expense,,$4,000,,,,,,4,000,,],[,\frac{?}{\text{b}\text{a}\text{r}}($$$),117,100,$$$,117,100,,$$$,$$$,117,100,$$$,117,100]]$

Instructions

$($a$)$ Journalize the required annual adjusting entries for the year ended $12/31/20.($Omit explanations.$)$

$\backslash$table$[[$Dec$,$Debit,Credit,$],[31,,,],[,,,],[,,,],[,,],[31,,,],[,,,],[,,,]]$

Required:

prepare all necessary adjusting journal entries based on the following information

A$)$ Service Revenue $($ $$3,500)$ was completed$/$earned and billed to the customer on $12/31/20$

Previously collected Unearned Revenue of $$1,400$ was earned by $\frac{12}{31}\frac{?}{20}$

Unused Supplies of $$3,000$ were on hand at $\frac{12}{31}\frac{?}{20}$

Depreciation expense for the year was $$5k$

Interest on Notes Payable incurred $(2020)$ but not pay$$ble until $2021$ was $$150$

Unused Prepaid Insurance at year$-$end was $$2,500$

Wages earned in December of $2020$ but not payable until Janauary of $2021$ was $$1,300$