1.) A review of the ledger for Weakly Service Co. at December 31, 2011, produces the following data pertaining to the preparation of annual adjusting entries:

(a.) Notes Payable $ 70,000: This is a 9-month note, dated September 1, 2011, with a 9% interest rate.

(b.) Prepaid rent $648,000. The company rents offices through the Midwest. During 2011 it signed 10 leases as shown below:

Date Term (In Months) Monthly Rent # of Leases
Sept. 1 8 $4,500 4

Nov. 1 12 $7,000 6


Help please! I need this done by tonight! My teacher didn't teach this! :(