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
Chapter6: Analysing And Journalizing Payroll
Section: Chapter Questions
Problem 12PB
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