ment CALCULATOR PRINTER VERSION RACK Problem 3-03 A review of the ledger of Swifty Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries 1. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $730 each per week, and three employees earn $470 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December 2. Uneamed Rent Revenue $407,430. The company began subleasing office space in its new building on November . Each tenant is required to make a $5,230 security deposit that is no refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Term (in months) Monthly Rent Number of Leases Now. 1 $6,540 Dec. 1 $6,840 3. Prepaid Advertising $10,800. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. Contract Date Amount Number of Magazine Issues A550 May 1 $4,800 12 8974 Oct. 1 6,000 24 The first advertisement runs in the month in which the contract is signed 4. Notes Payable $60,600. This balance consists of a note for one year at an annual interest rate of 12 dated June 1 Prepare the adjusting entries at December 31, 2020. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required select "No entry" for the accountitles and enter o for the amounts Round answers to decimal places, ..2,520.) No. Account Titles and Explanation Debut Credit 1. 2. earch o 8 v 12:30 9/27/ hp Return to Blackboard S , 17e Help System Announcements ment The first advertisement runs in the month in which the contract is signed. 4. Notes Payable $60,600. This balance consists of a note for one year at an annual interest rate of 12%, dated June 1. Prepare the adjusting entries at December 31, 2020. (Credit account titles are automatically indented when amount select "No entry for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 2, No. Account Titles and Explanation Debit Credit 1. 2. 3. 4 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT o search ORA a