Required information Skip to question [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. Paid and recorded wages of $135,000 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 $5,100. Collected rent revenue of $5,700 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. Record the collection of rent on December 12. Record the adjusting entry related to rent revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Required information Skip to question [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. Paid and recorded wages of $135,000 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 $5,100. Collected rent revenue of $5,700 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. Record the collection of rent on December 12. Record the adjusting entry related to rent revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information Skip to question [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. Paid and recorded wages
of $135,000 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 $5,100. Collected rent revenue of $5, 700
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. Record the
collection of rent on December 12. Record the adjusting entry related to rent revenue. Note:
Enter debits before credits. Date General Journal Debit Credit December 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b3d57a9-b742-4844-8c4e-13137eb2a263%2F4fc9127d-ea4a-4f2f-98cd-7a393f41bc5c%2Fhsi1r7d_processed.png&w=3840&q=75)
Transcribed Image Text:Required information Skip to question [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. Paid and recorded wages
of $135,000 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 $5,100. Collected rent revenue of $5, 700
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. Record the
collection of rent on December 12. Record the adjusting entry related to rent revenue. Note:
Enter debits before credits. Date General Journal Debit Credit December 31
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