Record adjustments at December 31, 2027, for items 1 through 4 by completing the following...
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Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) A review of the unadjusted balances for Sunland Company at December 31,2027 , produces these data pertaining to the preparation of annual adjustments. 1. Prepaid Insurance $39,520. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1, 2026, for $24,960. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1,2027 , for $18,720. This policy has a term of 18 months. 2. Unearned Rent Revenue $1,115,400. The company began subleasing office space in its new building on November 1 . At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. 3. Notes Payable $104,000. This balance consists of a note for 6 months at an annual interest rate of 7%, dated October 1 . 4. Salaries and Wages Payable $0. There are 8 salaried employees. Salaries are paid every Friday for the current week. 5 employees receive a salary of $1,560 each per week, and 3 employees earn $1,820 each per week. Assume December 31 is a Wednesday. Employees do not work weekends. All employees worked the last 3 days of December. Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) A review of the unadjusted balances for Sunland Company at December 31,2027 , produces these data pertaining to the preparation of annual adjustments. 1. Prepaid Insurance $39,520. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1, 2026, for $24,960. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1,2027 , for $18,720. This policy has a term of 18 months. 2. Unearned Rent Revenue $1,115,400. The company began subleasing office space in its new building on November 1 . At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. 3. Notes Payable $104,000. This balance consists of a note for 6 months at an annual interest rate of 7%, dated October 1 . 4. Salaries and Wages Payable $0. There are 8 salaried employees. Salaries are paid every Friday for the current week. 5 employees receive a salary of $1,560 each per week, and 3 employees earn $1,820 each per week. Assume December 31 is a Wednesday. Employees do not work weekends. All employees worked the last 3 days of December. Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Record adjustments at December 31, 2027, for items 1 through 4 by completing the following tabular summary with selected unadjusted balances. Include an explanation for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 