A review of the ledger of Flint Co. at December 31, 2022, produces the following data pertaining to the preparation of annual adjustil entries: (a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $1,040, and three employees earn a weekly salary of $960. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. (b) Unearned Rent Revenue $70,800: 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 $9,440 3 Dec. 1 12 18,000
A review of the ledger of Flint Co. at December 31, 2022, produces the following data pertaining to the preparation of annual adjustil entries: (a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $1,040, and three employees earn a weekly salary of $960. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. (b) Unearned Rent Revenue $70,800: 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 $9,440 3 Dec. 1 12 18,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A review of the ledger of Flint Co. at December 31, 2022, 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
$1,040, and three employees earn a weekly salary of $960. December 31 is a Tuesday. Employees do not work weekends. All
employees worked the last 2 days of December.
(b) Unearned Rent Revenue $70,800: 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
$9,440
Dec. 1
12
18,000
(c) Notes Receivable $106,200: 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.)
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
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