During 2015, Walnut Company completed the following two transactions. The annual accounting period ends December 31.

a) Paid and recorded wages of $130,000 during 2015; however, at the end of December 2015, three days wages are unpaid and unrecorded because the weekly payroll will not be paid until January 6, 2016. Wages for the three days are $4,000.

b) Collected rent revenue on December 10, 2015, of $2,400 for office space that Walnut rented to another party. The rent collected was for 30 days from December 10, 2015, to January 10, 2016, and was credited in full to Rent Revenue.

Q1. Create a Journal entry for the above transaction Q2. Determine the financial statement effects for each of the following: (a) the adjusting entry for accrued wages required on December 31, 2015, (b) the January 6, 2016, journal entry for payment of any unpaid wages from December 2015, (c) the journal entry for the collection of rent on December 10, 2015, and (d) the adjusting entry for rent on December 31, 2015. Indicate the effects using the following schedule, and explain each entry:

Date	Assets	Liabilities	Stockholders Equity