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    matt100's Avatar
    matt100 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 4, 2007, 08:50 AM
    Need a adjusting entry
    (a) Employees, who are paid $7,500 every two weeks, have earned $5,250 since the last payment. The next payment of $7,500 will be on January 4.
    (b) Leeward rents office space to a tenant who has paid only $450 of the $1,125 rent for December. On January 12, the tenant will pay the remainder along with the rent for January.
    Enteries had to be dec 31.
    My answer was
    1. salaries expense 5250
    Salaries payable 5250

    2. account receivable 675
    Rent receivable 675
    I don't know if they are wrong or right.anyone help me .I would be thankful to u.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 4, 2007, 02:13 PM
    Problem 1 – correct

    Problem 2:

    On Dec 1, or whenever the December rent is due:
    Dr. Cash 450
    Dr. AR 675
    Cr. Rent Revenue 1,125
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