A review of the ledger of ABC Inc. at December 31 produces the following data for the preparation of annual adjusting entries:

1.		Salaries and Wages Payable, $0. There are 8 salaried employees. 6 employees receive a salary of $1,250 each per week, and 2 employees earn $680 each per week. Employees do not work weekends. All employees worked two days after the last pay period and before December 31.
2.		Unearned Rent Revenue, $443,320. The company began subleasing condos in its new building on November 1. Each tenant has to make a $5,260 security deposit that is not refundable until occupancy is ended. At December 31, the company had the following rental contracts that were paid in full for the entire term of the lease:

Prepare the adjusting entries at Dec 31

Here are the choice list of accounts:

Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Amortization - Patent Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Trucks Accumulated Impairment Losses Accumulated OCI Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Buildings Cash Common Shares Cost of Goods Sold Current Portion of Notes Payable Deferred Development Costs Delivery Expense Depreciation Expense Dividends Dividends Payable Equipment Fair Value - NI Investments Fair Value - OCI Investments Freight-in Freight-out Furniture and Fixtures Impairment Loss Income Summary Income Tax Expense Insurance Expense Insurance Revenue Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Income or Loss Land Legal Expense Loss on Inventory Due to Decline in NRV Miscellaneous Expense Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Operating Expenses Owner's Capital Owner's Drawings Patents Prepaid Advertising Prepaid Expenses Prepaid Insurance Prepaid Rent Property Tax Expense Property Tax Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Rent Payable Rent Receivable Rent Revenue Repairs and Maintenance Expense Repair Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commission Expense Sales Commission Payable Sales Discounts Sales Returns and Allowances Sales Revenue Service Revenue Supplies Supplies Expense Telephone Expense Trucks Unearned Rent Revenue Unearned Repair Revenue Unearned Revenue Unrealized Gain or Loss - OCI Utilities Expense Utilities Payable

Term ae in months) Monthly Rent of Leases Nov. 1 Dec. 1 $3,940 $10,370 3. Prepaid Advertising, $16,560. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as follows: Number of Contract Date Amount magazines Issues A650 May 1 $6,960 8974Oct.19,600 12 24 The first advertisement runs in the month in which the contract is signed Notes Payable, $78,480. This balance consists of a one year, 896, note that is dated June 1 4, No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31