Nalezny Advertising was founded by Casey Hayward in January 2008

Nalezny Advertising was founded by Casey Hayward in January 2008. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2020. Nalezny Advertising Trial Balance December 31, 2020 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $  11,000 $  11,000 Accounts Receivable 20,000 21,500 Supplies 8,400 5,000 Equipment 60,000 60,000 Accumulated Depreciation—Equipment $  28,000 $  35,000 Accounts Payable 5,000 5,000 Unearned Advertising Revenue 7,000 5,600 Salaries and Wages Payable –0– 1,300 Common Stock 10,000 10,000 Retained Earnings 4,800 4,800 Advertising Revenue 58,600 61,500 Salaries and Wages Expense 10,000 11,300 Depreciation Expense 7,000 Supplies Expense 3,400 Rent Expense 4,000 000,000 4,000 000,000 $113,400 $113,400 $123,200 $123,200 Instructions a. Journalize the annual adjusting entries that were made. b. Prepare an income statement for the year ending December 31, 2020, and a balance sheet at December 31. c. Describe the remaining steps in the accounting cycle to be completed by Nalezny for 2020.

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