Windsor, Inc. has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. The December utility bill for $365 was unrecorded on December 31. Windsor paid the bill on January 11. Windsor is open 7 days a week and employees are paid a total of $3,010 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. Windsor signed a $38,400, 5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month. 1. 2. 3. 4. Windsor receives a fee from Pizza Shop next door for all pizzas sold to customers using Windsor's facility. The amount owed for December is $260, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) Windsor rented some of its unused warehouse space to a client for $5,160 a month, payable the first day of the following month. It received the rent for the month of December on January 2. 5.

Windsor, Inc. has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. The December utility bill for $365 was unrecorded on December 31. Windsor paid the bill on January 11. Windsor is open 7 days a week and employees are paid a total of $3,010 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. Windsor signed a $38,400, 5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month. 1. 2. 3. 4. Windsor receives a fee from Pizza Shop next door for all pizzas sold to customers using Windsor's facility. The amount owed for December is $260, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) Windsor rented some of its unused warehouse space to a client for $5,160 a month, payable the first day of the following month. It received the rent for the month of December on January 2. 5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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