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c. The company has 15 employees, who earn a total of $2,700 in salaries each working day. They are paid each Monday for their work
c. The company has 15 employees, who earn a total of $2,700 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. Record the payment of accrued and current salaries. Note: Enter debits before credits. e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $2,800 per month, starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue. However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 31. f. On November 1 , the company rented space to another tenant for $2,537 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Revenue account. Assume no other adjusting entries are made during the year. Record the receipt of two months rent on January 31. Note: Enter debits before credits
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