Homework Answers
| Weakly Service Co. | |||||
| Journal entries | |||||
| No. | Incr or Decr | Account Titles | Amount | Calculation | |
| (a) | Increase | Interest expense | $ 2,400 | =80,000*9%*4/12 months | |
| Increase | Interest Payable | $ 2,400 | Sep to Dec - 4 months | ||
| (b) | Increase | Rent expense | $ 156,000 | =(4,500*4 months*4 contracts)+(7,000*2 months*6 contracts) | |
| Decrease | Prepaid Rent | $ 156,000 | Sep to Dec - 4 months | ||
| Nov to Dec - 2 months | |||||
| (c') | Decrease | Unearned Service Revenue | $ 93,500 | =((12,600*8 contract)/9 mnths*5)+((15,000*5 contract)/6 mnths*3) | |
| Increase | Service Revenue | $ 93,500 | Aug to Dec - 5 months | ||
| Oct to Dec - 3 months | |||||
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Salaries and Wages Payable, $0. There are 8 salaried employees.
6 employees receive a salary of $1,250 each per week, and 2
employees earn $680 each per week. Employees do not work weekends.
All employees worked two days after the last pay period and before
December 31.
2.
Unearned Rent Revenue, $443,320. The company began subleasing
condos...
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