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Required information P9-4 (Static) Recording and Reporting Accrued Liabilities and Deferred Revenue with Discussion of...

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Required information P9-4 (Static) Recording and Reporting Accrued Liabilities and Deferred Revenue with Discussion of Accrual versus Cash Accounting LO9-1 [The following information applies to the questions displayed below.) During its first year of operations, Walnut Company completed the following two transactions. The annual accounting period ends December 31. a. Paid and recorded wages of $130,000 during Year 1; however, at the end of Year 1, three days' wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2. Wages for the three days are $4,000. b. Collected rent revenue of $2,400 on December 12 of Year 1 for office space that Walnut rented to another company. The rent collected was for 30 days from December 12 of Year 1 to January 10 of Year P9-4 Part 3 3. Show how any liabilities related to these transactions should be reported on the company's balance sheet at December 31, Year 1. WALNUT COMPANY Balance Sheet (Partial) As of December 31 Current liabilities: Total

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