Scribd Logo
Upload

Welcome to Scribd!

  • A Review of The Ledger of Baylor Company at December PDF

    Uploaded by

    Anbu jaromia
    112 views1 page
    Salaries and wages payable was $3,400 as employees worked the last 2 days of December but were not paid until January. Unearned rent revenue was adjusted down to $414,000 as one month of rent was earned. Prepaid advertising was adjusted to $11,200 as one month of each contract was used. Interest expense on notes payable was $6,000 for 6 months of accrued interest.

    Original Description:

    Original Title

    a-review-of-the-ledger-of-baylor-company-at-december.pdf

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Salaries and wages payable was $3,400 as employees worked the last 2 days of December but were not paid until January. Unearned rent revenue was adjusted down to $414,000 as one month of rent was earned. Prepaid advertising was adjusted to $11,200 as one month of each contract was used. Interest expense on notes payable was $6,000 for 6 months of accrued interest.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    112 views1 page

    A Review of The Ledger of Baylor Company at December PDF

    Uploaded by

    Anbu jaromia
    Salaries and wages payable was $3,400 as employees worked the last 2 days of December but were not paid until January. Unearned rent revenue was adjusted down to $414,000 as one month of rent was earned. Prepaid advertising was adjusted to $11,200 as one month of each contract was used. Interest expense on notes payable was $6,000 for 6 months of accrued interest.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    A review of the ledger of Baylor Company at December

    A review of the ledger of Baylor Company at December 31, 2019, produces the following data
    pertaining to the preparation of annual adjusting entries.

    1. Salaries and Wages Payable $0. There are 8 employees. Salaries and wages are paid every
    Friday for the current week. Five employees receive $700 each per week, and 3 employees
    earn $600 each per week. December 31 is a Tuesday. Employees do not work weekends. All
    employees worked the last 2 days of December.

    2. Unearned Rent Revenue $429,000. The company began subleasing office space in its new
    building on November 1. Each tenant is required to make a $5,000 security deposit that is not
    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.

    3. Prepaid Advertising $13,200. 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.

    The first advertisement runs in the month in which the contract is signed.

    4. Notes Payable $60,000. This balance consists of a note for one year at an annual interest
    rate of 12%, dated June 1.

    Instructions

    Prepare the adjusting entries at December 31, 2019. (Show all computations.)

    A review of the ledger of Baylor Company at December


    SOLUTION-- http://accountinginn.online/downloads/a-review-of-the-ledger-of-baylor-company-
    at-december/

    For Solutions Visit accountinginn.online


    Powered by TCPDF (www.tcpdf.org)

    You might also like