A review of the ledger of baylor company at december 31, Ask an Expert

Accounting

A review of the ledger of Baylor Company at December 31, 2014 produces the followingdate pertaining to the preparation of annual adjusting entries.

1) Salaries and wages payable $0. There are eight employs. Salaries and wages are paid every Friday for current week. Five employees receive $700 each week, and three earn $600 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked last 2 days of December.

2) Unearned Rent revenue$420,000. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5000 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts paid in full for the entire term of the lease

date term (in months) monthly rent nr of leases

Nov1 6 $6,000 5

Dec1 6 $8,500 4

Prepare the adjusting entries at December 31, 2014. Show all computations please

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91961547

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