Landmark Properties owns and operates an apartment building and
prepares annual financial statements based on a March 31 fiscal
Prepare the adjusting journal entry for each of (a) and (b) that should be recorded on March 31, 2020 and the subsequent entry to record the cash collection in (c).
2. MODERN is a store with trendy and affordable furniture.
MODERN has five part-time employees, each of whom earns $210 per
day. They are normally paid on Fridays for work completed on Monday
through Friday of the same week. They were all paid in full on
Friday, December 25, 2020. The next week, all five of the employees
worked only four days because New Year’s Day was an unpaid holiday.
Show the adjusting entry that would be recorded on Thursday,
December 31, 2020, MODERN’s year-end, and the journal entry that
would be made to record paying the employees’ wages on Friday,
January 1, 2021.
prepare 2 journal entries
|Ans 1||in $|
|Mar-31||Unearned Rent Revenue||$11000|
|a)||Rent revenue (2200*5)||11000|
|(being uneraned revenue adjusted)|
|Mar-31||Rent Receivable (2650*2)||5300|
|(being rent revenue recorded)|
|Rent Receivable (2650*2)||5300|
|Dec 31 2020||Salaries & Wages expenses||4200|
|Salaries & Wages payable (210*5*4)||4200|
|(being and wages accured)|
|Jan 1 2021||Salaries & Wages payable (210*5*4)||4200|
|If any doubt please comment|
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