0.71 points the adjusting entry required at the end of Year 1 and the joumal ent
ID: 2516174 • Letter: 0
Question
0.71 points the adjusting entry required at the end of Year 1 and the joumal entry required on January 6 of Year 2 (If no entry is required for a transaction/event, selact "No journal in the first account fileld.) Journal entry worksheet Required Information The olowing information applies to the goestions dispayed below Dunng es frst year of oper cons Walrut Company completed the folowing tbwo tramsactions The annual accounting perod ends December 31 a Paid and recorded weges of $146,000 during Year t however, at the end of Hear 1, three days wages are unpaid and have not yet been necorded because the weekdly payroll will not be paid to employees untl January 6 of Year 2 Weges for the three days are $5.600 a Collected tent revenue on December 12 of Year 1 of $2.,400 for office space that Wainut rented to another company. The rent collected was for 30 days rom December 12 of Year 1 to January 10 of Year 2Explanation / Answer
SOLUTION
Date Account titles and Explanation Debit ($) Credit ($) Dec.31 Wage Expense 5,600 Wages payable 5,600 (To record the adjusting entry at year 1 end) Jan.6 Wages payable 5,600 Cash 5,600 (To record the payment of wages in Year 2)Related Questions
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