A review of the ledger of Blue Spruce Co. at December 31, 2022, produces the following data pertaining to the preparation of anrual adjusting entries: (a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $1,120, and three employees earn a weekly salary of $1,040. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. (b) Unearned Rent Revenue $75,600: The company had several lease contracts during the year as shown below: Rent Date Term per Number of (in months) lease leases Oct. 1 12 $10,080 /Dec. 1 12 18,000 (c) Notes Receivable $113,400: This is a 6-month note, dated November 1, 2022, with a 6% interest rate. Prepare the adjusting entries at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and Explanation (a) (b) (c)

A review of the ledger of Blue Spruce Co. at December 31, 2022, produces the following data pertaining to the preparation of anrual adjusting entries: (a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $1,120, and three employees earn a weekly salary of $1,040. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. (b) Unearned Rent Revenue $75,600: The company had several lease contracts during the year as shown below: Rent Date Term per Number of (in months) lease leases Oct. 1 12 $10,080 /Dec. 1 12 18,000 (c) Notes Receivable $113,400: This is a 6-month note, dated November 1, 2022, with a 6% interest rate. Prepare the adjusting entries at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and Explanation (a) (b) (c)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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