Question 7 A review of the ledger of Shamrock, 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. 6 employees receive a salary of $1,100 each per week, and 3 employees earn $790 each per week. Employees do not work weekends. All employees worked two days after the last pay period and before December 31. Unearned Rent Revenue, $366,750. The company began leasing condos in its new building on November 1. Each tenant has to make a $5,090 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: 1. 2. Date Nov. 1 Dec. 1 Term Number (in months) Monthly Rent of Leases $3,900 $10,030 3. Prepaid Insurance, $15,180. This balance consists of payments on two policies. The terms of the policies are as follows: Policy A650 B974 Effective Date May 1 Oct. 1 Number of Amount Months Coverage $7,140 8,040 24 4. Notes Payable, $79,800. This balance consists of a one year, 8% note that is dated June 1