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Required information [The following information applies to the questions displayed below.] During its first year of operations, Walnut Company completed the following two transactions. The
Required information [The following information applies to the questions displayed below.] 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. 3equired: . With respect to wages, provide the adjusting entry required at the end of Year 1 and the journal entry required on January 6 of Year lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Record the adjusting entry related to wages. Note: Enter debits before credits. Record the payment of any unpaid wages from December, Year 1. Note: Enter debits before credits
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