Question

I need help with this problem please!
Concord Corporation has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. The December utility bill for $445 was unrecorded on December 31. Concord paid the bill on January 11. Concord is open 7 days is a Thursday, so employees will have worked 4 days (Monday, December 28 to Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4. 1. a week and employees are paid a total of $3,780 every Monday for a 7-day (Monday-Sunday) workweek. December 31 2. 3. Concord signed a $47,400, 6% bank loan on November 1, 2019, due in 2 years. Interest is payable on the first day of each following month. Concord receives a fee from Pizza Shop next door for all pizzas sold to customers using Concord's facility. The amount owed for December is $260, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) 4. 5. Concord rented some of its unused warehouse space to a client for $6,200 a month, payable the first day of the following month. It received the rent for the month of December on January 2.

Answer 1

1	Dec 31,2020	Utilities expense	445
		Accounts Payable		445
2	Dec 31,2020	Salaries and wages expense	2160		=3780*4/7
		Salaries and wages payable		2160
3	Dec 31,2020	Interest expense	237		=47400*6%*1/12
		Interest payable		237
4	Dec 31,2020	Accounts Receivable	260
		Service Revenue		260
5	Dec 31,2020	Accounts Receivable	6200
		Rent Revenue		6200
Part-2
1	Jan 11,2018	Accounts Payable	445
		Cash		445
2	Jan 4,2018	Salaries and wages expense	1620		=3780*3/7
		Salaries and wages payable	2160
		Cash		3780
3	Jan 1,2018	Interest payable	237
		Cash		237
4	Jan 4,2018	Cash	260
		Accounts Receivable		260
5	Jan 2,2018	Cash	6200
		Accounts Receivable		6200