A review of the ledger of Marin Inc. at December 31 produces the
following data for the preparation of annual adjusting
entries:
1. | 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 in its new building on November 1. Each tenant has to make a $5,260 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: |
Date | Term (in months) |
Monthly Rent | Number of Leases |
|||
Nov. 1 | 6 | $3,940 | 6 | |||
Dec. 1 | 6 | $10,370 | 4 |
3. | Prepaid Advertising, $16,560. 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 follows: |
Contract | Date | Amount | Number of magazines Issues |
|||
A650 | May 1 | $6,960 | 12 | |||
B974 | Oct. 1 | 9,600 | 24 |
The first advertisement runs in the month in which the contract is signed. | ||
4. | Notes Payable, $78,480. This balance consists of a one year, 8%, note that is dated June 1. |
Adjusting entries at December 31
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A review of the ledger of Marin Inc. at December 31 produces the following data for...
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