Exercise 4-18 (Part Level Submission) Oriole Company has the following informati

Question

Exercise 4-18 (Part Level Submission) Oriole Company has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. The December utility bill for $475 was unrecorded on December 31. Oriole paid the bill on January 11 2. Oriole is open 7 days a week and employees are paid a total of $3,920 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, 3. Oriole signed a $50 400 59 bank loan on November 1, 2016, due in 2 years. Interest is payable on the first day of each following mort 4. Oriole receives a fee from Pizza Shop next door for all pizzas sold to customers using Oriole's facility. The amount owed for December is $340, which Pizza Shop will pay on January 4. (Hint: Use the Service 5. December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4. Revenue account.) Oriole rented some of its unused warehouse space to a client for $6,720 a month, payable the first day of the following month. It received the rent for the month of December on January 2 (a) For each situation, prepare the adjusting entry required at December 31. (Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatilly ndented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31, 2017 2. Dec. 31, 2017 3Dec. 31, 2017 4 Dec. 31, 2017 5. Dec. 31, 2017

Explanation / Answer

Journal Entry S. No. Date Particulars Dr. Amt. Cr. Amt. 1 31-Dec-17 Utility Expense       475.00    Utility Payable / Accounts Payable       475.00 (Record the utility expense) 2 31-Dec-17 Salaries & Wages Expense    3,920.00 Salaries & Wages Payable    3,920.00 (Record the salaries & wages expense) 3 31-Dec-17 Interest Expense       210.00    Interest Payable       210.00 (Record the interet expense) Interest Expense = $50,400 X 5% X 1/12 = $210 4 31-Dec-17 Accounts Receivable       340.00    Service Revenue       340.00 (Record the service revenue) 5 31-Dec-17 Accounts Receivable    6,720.00    Rent Revenue    6,720.00 (Record the rent revenue for december)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.