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. a. 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. b. 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.
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. a. 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. b. 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.
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Current Liabilities And Payroll
Section: Chapter Questions
Problem 10.4BPR
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![CH 9 Demonstration Problems i
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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
perlod ends December 31.
Part 1 of 3
a. Paid and recorded wages of $149,000 during Year 1; however, at the end of Year 1, three days' wages are unpald 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.
b. 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.
1.25
polnts
eBook
Required:
1. With respect to wages, provide the adjusting entry required at the end of Year 1 and the journal entry required on January 6 of Year
2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Print
References
View transaction Ilist
Journal entry worksheet
1.
2.
>
Record the adjusting entry related to wages.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Prev
1:23
of 4
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tion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f3c13b-c916-4610-ab84-ceb3c5d340e8%2Fb7b34993-6136-40f7-a3c4-f1f36895aebb%2Ferqwb1e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CH 9 Demonstration Problems i
Saved
Help
Sav
1
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
perlod ends December 31.
Part 1 of 3
a. Paid and recorded wages of $149,000 during Year 1; however, at the end of Year 1, three days' wages are unpald 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.
b. 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.
1.25
polnts
eBook
Required:
1. With respect to wages, provide the adjusting entry required at the end of Year 1 and the journal entry required on January 6 of Year
2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Print
References
View transaction Ilist
Journal entry worksheet
1.
2.
>
Record the adjusting entry related to wages.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Prev
1:23
of 4
Next >
tion
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