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A review of the ledger of Windsor, Inc. at December 31 produces the following data for the preparation of annual adjusting entries: 1. Salaries and Wages Payable, $0. There are 9 salaried employees. 4 employees receive 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 period and before December 31. 2. Unearned Rent Revenue, $376,020. The company began leasing condos in its new building on November 1. Each tenant has to make a $5,400 security deposit that is not refundable until occupancy is ended. At December 31, the company had the following rental contracts that were paid in full for the entire term of the lease: Term Number Date (in months) Monthly Rent of Leases Nov. 1 $3,910 Dec. 1 $10,370 3. Prepaid Insurance, $14,820. This balance consists of payments on two policies. The terms of the policies are as follows: Number of Policy Effective Date Amount Months Coverage A650 May 1 $6,780 12 8974 Oct. 1 8.040 24 4. Notes Payable, $80,000. This balance consists of a one year, 6% note that is dated June 1.Prepare the adjusting entries at December 31. (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 O for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 Rent Revenue 2. Dec. 31 3. Dec. 31 4. Dec. 31 Assistance Used eTextbook and Media Windsor is preparing for a meeting with potential investors. What is the net effect of the adjusting entries on net income? Net effect of adjusting entries is to J increase al net income by $4. Dec. 31 eTextbook and Media Assistan Windsor is preparing for a meeting with potential investors. What is the net effect of the adjusting entries on net income? Net effect of adjusting entries is to | increase # net income by $ 64809.70 eTextbook and Media Save for Later Last saved 1 second ago. Attempts: 0 of 3 used Submit Answer Your grade has been recorded in the Gradebook. * Prev 2020# 5/10BAB 1: #12:00:29(America/Toronto-04:00