A review of the ledger of Blossom Company at December 31, 2022, produces the following data...

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A review of the ledger of Blossom Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $10,680. The company has separate insurance policies on its buildings and its motor vehicles. Policy B456 on the building was purchased on April 1, 2021, for $8,640. The policy has a term of 3 years. Policy A2958 on the vehicles wa purchased on January 1, 2022, for $4,200. This policy has a term of 2 years. 2. Unearned Rent Revenue $345,600. The company began subleasing office space in its new building on November 1, 2022. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Term (in months) Monthly Rent Number of Leases Nov. 1 9 $5,400 4 Dec. 1 6 $8,400 3 3. Notes Payable $130,000. This balance consists of a note for 9 months at an annual interest rate of 9%, dated November 1. Interest will be paid at note maturity. 4. Salaries and Wages Payable $0. There are nine salaried employees. Salaries are paid every Friday for the current week. Fiv employees receive a salary of $750 each per week, and four employees earn $500 each per week. Assume December 31 is Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Prepare the adjusting entries at December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatical indented when the amount is entered. Do not indent manually.) A review of the ledger of Blossom Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $10,680. The company has separate insurance policies on its buildings and its motor vehicles. Policy B456 on the building was purchased on April 1, 2021, for $8,640. The policy has a term of 3 years. Policy A2958 on the vehicles wa purchased on January 1, 2022, for $4,200. This policy has a term of 2 years. 2. Unearned Rent Revenue $345,600. The company began subleasing office space in its new building on November 1, 2022. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Term (in months) Monthly Rent Number of Leases Nov. 1 9 $5,400 4 Dec. 1 6 $8,400 3 3. Notes Payable $130,000. This balance consists of a note for 9 months at an annual interest rate of 9%, dated November 1. Interest will be paid at note maturity. 4. Salaries and Wages Payable $0. There are nine salaried employees. Salaries are paid every Friday for the current week. Fiv employees receive a salary of $750 each per week, and four employees earn $500 each per week. Assume December 31 is Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Prepare the adjusting entries at December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatical indented when the amount is entered. Do not indent manually.)

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The adjusting entries at December 31 2022 for Blossom Company are as follows 1 Prepaid Insurance Ins... View the full answer