jenkins rentals company faced the following situations. view the situations. requirement 1. journalize the…

jenkins rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) c. on july 1, 2023, when the business collected $14,200 rent in advance, it debited cash and credited unearned rent revenue. the tenant was paying for two years rent. accounts debit credit c. unearned rent revenue 3,550 rent revenue 3,550 d. salary expense is $5,700 per day—monday through friday—and the business pays employees each friday. this year, december 31 falls on a thursday. accounts debit credit d.

jenkins rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately. (record debits first, then credits. exclude explanations from any journal entries.) c. on july 1, 2023, when the business collected $14,200 rent in advance, it debited cash and credited unearned rent revenue. the tenant was paying for two years rent. accounts debit credit c. unearned rent revenue 3,550 rent revenue 3,550 d. salary expense is $5,700 per day—monday through friday—and the business pays employees each friday. this year, december 31 falls on a thursday. accounts debit credit d.

Answer

Explanation:

Step1: Calculate accrued salary expense

Since December 31 falls on a Thursday and salary expense is $5,700 per day, the number of days from Monday - Thursday is 4. So the accrued salary expense is $5,700×4 = $22,800.

Step2: Determine adjusting - entry accounts

We need to debit Salary Expense to recognize the expense incurred and credit Salaries Payable to record the liability for the unpaid salaries.

Answer:

Accounts Debit Credit
Salary Expense 22,800
Salaries Payable 22,800