December 31 wind or paid the bil Janu ry 11 are paid a total

December 31, wind or paid the bil Janu ry 11. are paid a total of $3,010 every for a 7-day( 5275) t, Jan. 11, 201

Solution

31-Dec Utilities expense 365               Accounts payable 365 31-Dec Salaries and wages expense 1720 (3010*4/7)               Salaries and wages payable 1720 31-Dec Interest expense 160 (38400*5%*1/12)                Interest payable 160 31-Dec Accounts receivable 260                Service revenue 260 31-Dec Rent receivable 5160                Rent revenue 5160 11-Jan Accounts payable 365                 Cash 365 04-Jan Salaries and wages payable 1720 Salaries and wages expense 1290 (3010*3/7)                 Cash 3010 01-Jan Interest payable 160                 Cash 160 04-Jan Cash 260          Accounts receivable 260 02-Jan Cash 5160           Rent receivable 5160    3-18 Income statement Revenue Rent revenue 12100 Service revenue 35400 Total revenue 47500 Expense Salaries and wages expense 18200 Supplies expense 1900 Rent expense 14800 Insurance expense 1500 Depreciation expense 800 Total expense 37200 Net income 10300