Secure| https/ yPLUS Kimmel Financal Accounting. d, Study& Practice > Open Assig

Question

Secure| https/ yPLUS Kimmel Financal Accounting. d, Study& Practice > Open Assignment TIMER Start Time: 05:40 PM/Remainings 47 min T RESOURCES Gradebook ORION Downloadable eTextbook Question 1 A review of the ledger of Wilde Co. at December 31, 2017, produces the following data pertaining to the prepa and Wages Payable $0: Salaries are paid every Friday for the curent week. Five employees receive the last 2 days of December (b) Unearned Rent Revenue $58,000: The company had several lease contracts during the year as shown below Rent esults by Study Date Term per Number of in months) lease leases Oct. 1 Dec. 1 12 18,000 2 (c) Notes Receivable $90,000: This is a 6-month note, dated November 1, 2017, with a 6% interest rate. Prepare the adjusting entries at December 31, 2017. (Credit account titles are automatically indented when 12 $8,000 No. Account Titles and Explanation Debit Credit b)

Explanation / Answer

Date General Journal Debit Credit 31-Dec Salary expense 2440 Salaries Payable 2440 (5 X $800 X 2/5 = $1,600) (3 X $700 X 2/5 = $ 840) 31-Dec Unearned rent 9000 Rent 9000 (3/12 X $8,000 X 3 = $6,000) (1/12 X $18,000 X 2 = $3,000) 31-Dec Interest payable 900 Interest Expense 900 ($90,000 X .06 X 2/12 = $900)

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