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Prepare the adjusting entry required at december

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Reference no: EM132817853

MAKE AN ADJUSTING ENTRIESB. PREPARE 2021 ENTRIES

1. The December utility bill for $425 was unrecorded on December 31. Greenock paid the bill on January 11.

2. Greenock is open 7 days a week and employees are paid a total of $3,500 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4.

3. Greenock signed a $48,000, 5% bank loan on November 1, 2019 due in 2 years. Interest is payable on the first day of each following month

4. Greenock receives a fee from Pizza Shop next door for all pizzas sold to customers using Greenock's facility. The mounted owed for December is $300 which Pizza Shop will pay on January 4.

5. Greenock rented who its unused warehouse space to the client for $6,000 a month, payable the first day of the following month. It received the rent for the month of December on January 2.

Instructions

Problem a. For each situation. prepare the adjusting entry required at December 31 (Round all calculations to the nearest dollar.)

Reference no: EM132817853

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