Question

CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK 2. Exercise 3-16 a-b Greenock Limited has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually 1. The December utility bill for $425 was unrecorded on December 31. Greenock paid the bill on January 11 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 days (Monday, December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 3. Greenock signed a $45,000, 5% bank loan on November 1, 2019, due in 2 years. Interest is payable on the first day of each following month Greenock receives a fee from Pizza Shop next door for all pizzas sold to customers using Greenock's facility. The amount owed for December is $300, which Pizza Shop w pay on January (Hint: Use the Service Revenue account.) 5. Greenock rented some of its unused warehouse space to a 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. For each situation, prepare the adjusting entry required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, e.g. 5,275.) No. Date Account Tities and Explanation Debit Credit 1. Dec. 31, 2020 2. Dec. 31, 2020 3. Dec. 31, 2020 cincine. All Rights Reserved. A Division of Jahn Wiley & Sons, Inc

pls help, it has a-b

it's One question but it has an A and B part

Answer 1

A)

Date	Account title	Debit	credit
December 31,2020	Utilities expense	425
	Utilities payable		425
December 31,2020	Salaries and wage expense	2000
	Salaries and wage payable		2000
	[Being salaries accrued for 4 days : 3500 *4/7 = 2000]
December 31,2020	Interest expense	188
	Interest payable		188
	[Being interest accrued for one month (Month of December) :45000*.05*1/12]
December 31,2020	Accounts receivable	300
	service revenue		300
December 31,2020	Rent receivable	6000
	Rent revenue earned		6000

B)

Date	Account title	Debit	credit
Jan 11 2021	Utilities payable	425
	cash		425
Jan 4 2021	Salaries and wage expense	1500
	Salaries and wage payable	2000
	cash		3500
	[Being salaries accrued for 3 days of January 2021 and 4 days of December 2020]
Jan 1 2021	Interest payable	188
	cash		188
Jan 4 2021	Cash	300
	Accounts receivable		300
Jan 2 2021	cash	6000
	Rent receivable		6000