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Please answer ALL. Exercise 273 A review of the ledger of Wilde Co. at December 31, 2017, produces the following data pertaining to the preparation
Please answer ALL.
Exercise 273 A review of the ledger of Wilde Co. at December 31, 2017, produces the following data pertaining to the preparation of annual adjusting entries: (a) Salaries and Wages Payable $0: Salaries are paid every Friday for the current week. Five employees receive a weekly salary of $800, and three employees earn a weekly salary of $700. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. (b) Unearned Rent Revenue $58,000: The company had several lease contracts during the year as shown below: Rent Date Term per Number of (in months) lease leases $8,000 Oct. 1 18,000 2 Dec. 1 (c) Notes Receivable $90,000: This is a 6-month note, dated November 1, 2017, with a 6% interest rate. Prepare the adjusting entries at December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Step by Step Solution
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