A review of the ledger of Wilde Co. at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries:
(a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $800, and three employees earn a weekly salary of $700. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.
(b) Unearned Rent Revenue $58,000: The company had several lease contracts during the year as shown below: (c) Notes Receivable $90,000: This is a 6-month note, dated November 1, 2014, with a 6% interest rate.
Instructions:
Prepare the adjusting entries at December 31, 2014. Show all computations.

Question

A review of the ledger of Wilde Co. at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries:
(a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $800, and three employees earn a weekly salary of $700. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.
(b) Unearned Rent Revenue $58,000: The company had several lease contracts during the year as shown below:  (c) Notes Receivable $90,000: This is a 6-month note, dated November 1, 2014, with a 6% interest rate.
Instructions:
Prepare the adjusting entries at December 31, 2014. Show all computations.

Quizplus · Accepted Answer

The Answer of A review of the ledger of Wilde Co. at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries:
(a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $800, and three employees earn a weekly salary of $700. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.
(b) Unearned Rent Revenue $58,000: The company had several lease contracts during the year as shown below:  (c) Notes Receivable $90,000: This is a 6-month note, dated November 1, 2014, with a 6% interest rate.
Instructions:
Prepare the adjusting entries at December 31, 2014. Show all computations.

A Review of the Ledger of Wilde Co