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P2-3A Grant Advertising Agency Inc. was organized in January 2002. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2002.

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The solution includes a word document and an excel sheet that answer the following questions:

Grant Advertising Agency Inc. was organized in January 2002. Presented below are
both the adjusted and unadjusted trial balances as of December 31, 2002.

(a) Journalize the annual adjusting entries that were made.
(b) Prepare an income statement and a retained earnings statement for the year ending
December 31, 2002, and a balance sheet at December 31.
(c) Answer the following questions.
(1) If the note has been outstanding 6 months, what is the annual interest rate on that
note?
(2) If the company paid $13,500 in salaries in 2002, what was the balance in Salaries
Payable on December 31, 2001?

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Solution provided by:
Manal Elkhoshkhany, MBA
Education
  • BA, Ain Shams University, Cairo Egypt
  • MBA, California State University, Sacramento
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