New Jeans Resort also was founded by ADOR Group in January of 2022.
Presented below are both the adjusted and unadjusted trial balances as of December 31, 2023.
NEW JEANS RESORT Trial Balance December 31, 2023
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Interest Payable
Notes Payable
Unearned Service Revenue
Salaries and Wages Payable
Owner's Capital
Owner's Drawings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Interest Expense
Depreciation Expense
Supplies Expense
Rent Expense
\begin{tabular}{|c|c|c|c|}
\hline \multicolumn{2}{|l|}{ Unadjusted } & \multicolumn{2}{|l|}{ Adjusted } \\
\hline Dr. & Cr . & Dr. & Cr . \\
\hline \$ 11,000 & & \$ 11,000 & \\
\hline 20,000 & & 21,500 & \\
\hline 8,600 & & 4,800 & \\
\hline 3,350 & & 2,500 & \\
\hline 60,000 & & 60,000 & \\
\hline & \$ 28,000 & & \$ 34,000 \\
\hline & 5,000 & & 5,000 \\
\hline & -0- & & 150 \\
\hline & 5,000 & & 5,000 \\
\hline & 7,200 & & 5,900 \\
\hline & - 0 & & 2,100 \\
\hline & 25,500 & & 25,500 \\
\hline 12,000 & & 12,000 & \\
\hline & 58,600 & & 61,400 \\
\hline 10,000 & & 12,100 & \\
\hline & & 850 & \\
\hline 350 & & 500 & \\
\hline & & 6,000 & \\
\hline & & 3,800 & \\
\hline 4,000 & & 4,000 & \\
\hline \$129,300 & \$129,300 & \$139,050 & \$139,050 \\
\hline
\end{tabular}
Instructions
(a) Journalize the annual adjusting entries that were made.
(b) Prepare an income statement and an owner's equity statement for the year ending December 31, 2023, and a balance sheet at December 31, 2023.
(c) If the note was obtained on July 1, 2023, what is the annual interest rate given for that note?
