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Arnez Companys annual accounting period ends on December 31. The following information concerns the adjusting entries to beJournal entry worksheet 1 > Record the payment of accrued and current salaries. Note: Enter debits before credits. Date GenerJournal entry worksheet < 1 2 Record the receipt of two months rent. Note: Enter debits before credits. Date General Journal

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Answer #1

1.

Arnez Company
Adjusting Journal Entries - Dec 31
S. no. Date Accounts and explanation Debit Credit
a. 31-Dec Supllies Expense Dr ($3175+$13113-$2794) $13,494
     To Office Supplies $13,494
b. 31-Dec Insurance Expense Dr (30984-22299) $8,685
     To Prepaid Insurance $8,685
c. 31-Dec Salaries and wages Expense Dr [$2750*2] $5,500
     To Salaries and wages payable $5,500
d. 31-Dec Depreciation Expense Dr $32,600
     To Accumulated Depreciation- Building $32,600
e. 31-Dec Rent Receivable Dr $3,100
    To Rent Revenue $3,100
f. 31-Dec Unearned rent Dr ($2809*2) $5,618
    To Rent Revenue $5,618

2.

Journal Entries
S. no. Date Accounts and explanation Debit Credit
c. 06-Jan Salaries and wages payable Dr ($2750*2) $5,500
Salaries and wages expense Dr ($2750*3) $8,250
     To Office Supplies $13,750
(To record payment of accrued and current salaries)
e. 15-Jan Cash Dr $6,200
     To Rent Receivable $3,100
     To Rent Revenue $3,100
(To record receipt of 2 months rent)

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