1. Wages earned by employees during December 2022, unpaid and unrecorded on December 31, 2022, amounted to $8,000. The last paychecks were issued on December 28. The next payments will be made on January 15, 2023. The unadjusted balance in Wages Expense was $50,000 on December 31, 2022. Prepare the adjusting journal entry that should be made at year end. 2. Wilson Condominium Rental prepares monthly financial statements. On September 1, a cheque for $7,200 was received from a tenant for 6 months’ rent. The full amount was credited to Rental Income. Prepare the adjusting journal entry that should be made at year end on September 30. 3. Lewis Co., prepare monthly financial statements. On July 1, the Office Supplies account has a balance of $5,000. During July, additional office supplies were purchased for $5,800 and that amount was debited to Office Supplies Expense. On July 31, a physical count of office supplies revealed that there was $4,000 on hand. Prepare the adjusting journal entry that should be made on July 31.
1. Wages earned by employees during December 2022, unpaid and unrecorded on December 31, 2022, amounted to $8,000. The last paychecks were issued on December 28. The next payments will be made on January 15, 2023. The unadjusted balance in Wages Expense was $50,000 on December 31, 2022. Prepare the
2. Wilson Condominium Rental prepares monthly financial statements. On September 1, a cheque for $7,200 was received from a tenant for 6 months’ rent. The full amount was credited to Rental Income. Prepare the adjusting journal entry that should be made at year end on September 30.
3. Lewis Co., prepare monthly financial statements. On July 1, the Office Supplies account has a balance of $5,000. During July, additional office supplies were purchased for $5,800 and that amount was debited to Office Supplies Expense. On July 31, a physical count of office supplies revealed that there was $4,000 on hand. Prepare the adjusting journal entry that should be made on July 31.
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