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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:For each situation, prepare the journal entry to record the subsequent cash transaction in 2023. (Round answers to O decimal
places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation
Debit
Credit
Jan.
1.
11,
Accounts Payable
365
2023
Cash
365
Jan.
2.
4,
Salaries and Wages Expense
1720
2023
Salaries and Wages Payable
Cash
1720
Jan.
3.
1,
Interest Payable
160
2023
Cash
160
Jan.
4.
260
4,
2023
Cash
Accounts Receivable
260
Jan.
2,
Cash
5160
2023
Accounts Receivable
5160
5.

Transcribed Image Text: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.
1.
2.
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.
3.
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.
4.
5.
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