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A revlew of the ledger of Windsor Resort inc. at December 31 produces the following data for the preparatlon of annual adjusting entrles: 1. Salarles
A revlew of the ledger of Windsor Resort inc. at December 31 produces the following data for the preparatlon of annual adjusting entrles: 1. Salarles and wages Payable, $0. There are 9 salarled employees. 4 employees recelve a salary of $1,230 each per week, and 5 employees earn $750 each per week. Employees do not work weekends. All employees worked two days after the last pay perlod and before December 31 . 2. Unearned Rent Revenue, $376,020. The company began leasing condos in its new bullding on November 1 Each tenant has to make a $5,400 securlity deposit that is not refundable untill occupancy Is ended. At December 31 , the company had the following rental contracts that were pald in full for the entlre term of the lease: 3. Prepaid Insurance, $14,820. This balance consists of payments on two pollcles. The terms of the policles are as follows: 4. Notes Payable, $80,000. Thls balance conslsts of a one-year, 6% note that is dated June 1. Prepare the adjusting entrles at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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