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A review of the ledger of Oriole Company at December 3 1 , 2 0 2 5 , produces the following data pertaining to the
A review of the ledger of Oriole Company at December produces the following data pertaining to the preparation of annual adjusting entries.
Salaries and Wages Payable $ There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $ each per week, and three employees earn $ each per week. December is a Tuesday. Employees do not work weekends. All employees worked the last days of December.
Unearned Rent Revenue $ The company began subleasing office space in its new building on November Each tenant is required to make a $ security deposit that is not refundable until occupancy is terminated. At December the company had the following rental contracts that are paid in full for the entire term of the lease.
tableDatetableTerm inmonthstableMonthlyRenttableNumber ofLeasesNov$Dec$
Prepaid Advertising $ 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 shown below.
The first advertisement runs in the month in which the contract is signed.
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