Homework Help is Here – Start Your Trial Now!
Business
Accounting
Coronado Limited has the following information available for accruals for the year ended December 31, 2021. The company adjusts its accounts annually. 1. The December utility bill for $436 was unrecorded on December 31. Coronado paid the bill on January 21. Coronado is open seven days a week and employees are paid a total of $3,360 every Monday for a seven-day (Monday- Sunday) workweek. December 31 is a Friday, so employees will have workedfive days (Monday, December 27 to Friday. December 31) that they have not been paid for by yearend. Employees will be paid next on Monday, January 3, 2. 3. 4. 5. (a) Coronado signed a $44,800, 5% bank loan on November 1, 2020, due in two years. Interest is payable on the first day of each following month and was last paid on December 1. Coronado receives a fee from Pizza Shop next door for all pizzas sold to customers using Coronado's facility. The amount owing for December is $290, which Pizza Shop will pay on January 4, (Hint: Use the Fees Earned account.) Coronado rented some of its unused warehouse space to a client for $5,600 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. (List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,275)

Coronado Limited has the following information available for accruals for the year ended December 31, 2021. The company adjusts its accounts annually. 1. The December utility bill for $436 was unrecorded on December 31. Coronado paid the bill on January 21. Coronado is open seven days a week and employees are paid a total of $3,360 every Monday for a seven-day (Monday- Sunday) workweek. December 31 is a Friday, so employees will have workedfive days (Monday, December 27 to Friday. December 31) that they have not been paid for by yearend. Employees will be paid next on Monday, January 3, 2. 3. 4. 5. (a) Coronado signed a $44,800, 5% bank loan on November 1, 2020, due in two years. Interest is payable on the first day of each following month and was last paid on December 1. Coronado receives a fee from Pizza Shop next door for all pizzas sold to customers using Coronado's facility. The amount owing for December is $290, which Pizza Shop will pay on January 4, (Hint: Use the Fees Earned account.) Coronado rented some of its unused warehouse space to a client for $5,600 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. (List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,275)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question

please help me

Coronado Limited has the following information available for accruals for the year ended December 31, 2021. The company adjusts its accounts annually. 1. 2. 3. 4. 5. (a) The December utility bill for $436 was unrecorded on December 31. Coronado paid the bill on January 21. Coronado is open seven days a week and employees are paid a total of $3,360 every Monday for a seven-day (Monday- Sunday) workweek. December 31 is a Friday, so employees will have workedfive days (Monday, December 27 to Friday, December 31) that they have not been paid for by yearend. Employees will be paid next on Monday, January 3. Coronado signed a $44,800, 5% bank loan on November 1, 2020, due in two years. Interest is payable on the first day of each following month and was last paid on December 1. Coronado receives a fee from Pizza Shop next door for all pizzas sold to customers using Coronado's facility. The amount owing for December is $290, which Pizza Shop will pay on January 4. (Hint: Use the Fees Earned account.) Coronado rented some of its unused warehouse space to a client for $5.600 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5.275.)
Transcribed Image Text:Coronado Limited has the following information available for accruals for the year ended December 31, 2021. The company adjusts its accounts annually. 1. 2. 3. 4. 5. (a) The December utility bill for $436 was unrecorded on December 31. Coronado paid the bill on January 21. Coronado is open seven days a week and employees are paid a total of $3,360 every Monday for a seven-day (Monday- Sunday) workweek. December 31 is a Friday, so employees will have workedfive days (Monday, December 27 to Friday, December 31) that they have not been paid for by yearend. Employees will be paid next on Monday, January 3. Coronado signed a $44,800, 5% bank loan on November 1, 2020, due in two years. Interest is payable on the first day of each following month and was last paid on December 1. Coronado receives a fee from Pizza Shop next door for all pizzas sold to customers using Coronado's facility. The amount owing for December is $290, which Pizza Shop will pay on January 4. (Hint: Use the Fees Earned account.) Coronado rented some of its unused warehouse space to a client for $5.600 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5.275.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Journal entries
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS