During its first year of operations, Walnut Company completed the following two transactions. The annual accounting...

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During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. a. Paid and recorded wages of $130,000 during Year 1; however, at the end of Year 1, three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,000. b. Collected rent revenue of $2,400 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. P9-4 Part 2 2. With respect to rent revenue, provide the journal entry for the collection of rent on December 12 and the adjusting entry required on December 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 3. Show how any liabilities related to these transactions should be reported on the company's balance sheet at December 31, Year 1. WALNUT COMPANY Balance Sheet (Partial) Current liabilities: Wages payable As of December 31 $ 4,000 Deferred rent revenue Total $ 4,000 1. Determine the financial statement effects for each of the following: (a) the adjusting entry for accrued wages required on December 31, Year 1, (b) the January 6, Year 2, journal entry for payment of any unpaid wages from December Year 1. (c) the journal entry for the collection of rent on December 12, Year 1, and (d) the adjusting entry for rent on December 31, Year 1. Note: Indicate the direction of the effect by selecting "+" for increase, "-" for decrease from the dropdown menu. Date (a) December 31 (b) January 6 (c) December 12 (d) Decemeber 31. Assets Liabilities Stockholders' Equity During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. a. Paid and recorded wages of $130,000 during Year 1; however, at the end of Year 1, three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,000. b. Collected rent revenue of $2,400 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year 2. P9-4 Part 2 2. With respect to rent revenue, provide the journal entry for the collection of rent on December 12 and the adjusting entry required on December 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 3. Show how any liabilities related to these transactions should be reported on the company's balance sheet at December 31, Year 1. WALNUT COMPANY Balance Sheet (Partial) Current liabilities: Wages payable As of December 31 $ 4,000 Deferred rent revenue Total $ 4,000 1. Determine the financial statement effects for each of the following: (a) the adjusting entry for accrued wages required on December 31, Year 1, (b) the January 6, Year 2, journal entry for payment of any unpaid wages from December Year 1. (c) the journal entry for the collection of rent on December 12, Year 1, and (d) the adjusting entry for rent on December 31, Year 1. Note: Indicate the direction of the effect by selecting "+" for increase, "-" for decrease from the dropdown menu. Date (a) December 31 (b) January 6 (c) December 12 (d) Decemeber 31. Assets Liabilities Stockholders' Equity