**CH 9 Demonstration Problems** **Part 2 of 3** - Points: 1.25 **Required Information** *(The following information applies to the questions displayed below.)* During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. 1. Paid and recorded wages of $149,000 during Year 1; however, at the end of Year 1, three days’ wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $5,500. 2. Collected rent revenue of $2,100 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. --- **Task:** 2. With respect to rent revenue, provide the journal entry for the collection of rent on December 12 and the adjusting entry required on December 31. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)* **Journal Entry Worksheet** - **Record the collection of rent on December 12:** | Date | General Journal | Debit | Credit | |--------------|-----------------|-------|--------| | December 12 | | | | *Note: Enter debits before credits.* --- This section does not contain any graphs or diagrams.
**CH 9 Demonstration Problems** **Part 2 of 3** - Points: 1.25 **Required Information** *(The following information applies to the questions displayed below.)* During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. 1. Paid and recorded wages of $149,000 during Year 1; however, at the end of Year 1, three days’ wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $5,500. 2. Collected rent revenue of $2,100 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. --- **Task:** 2. With respect to rent revenue, provide the journal entry for the collection of rent on December 12 and the adjusting entry required on December 31. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)* **Journal Entry Worksheet** - **Record the collection of rent on December 12:** | Date | General Journal | Debit | Credit | |--------------|-----------------|-------|--------| | December 12 | | | | *Note: Enter debits before credits.* --- This section does not contain any graphs or diagrams.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:**CH 9 Demonstration Problems**
**Part 2 of 3**
- Points: 1.25
**Required Information**
*(The following information applies to the questions displayed below.)*
During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31.
1. Paid and recorded wages of $149,000 during Year 1; however, at the end of Year 1, three days’ wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $5,500.
2. Collected rent revenue of $2,100 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2.
---
**Task:**
2. With respect to rent revenue, provide the journal entry for the collection of rent on December 12 and the adjusting entry required on December 31. *(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)*
**Journal Entry Worksheet**
- **Record the collection of rent on December 12:**
| Date | General Journal | Debit | Credit |
|--------------|-----------------|-------|--------|
| December 12 | | | |
*Note: Enter debits before credits.*
---
This section does not contain any graphs or diagrams.
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