Metlock, Inc. 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 $385 was unrecorded on December 31. Metlock paid the bill on January 11. | |
2. | Metlock is open 7 days a week and employees are paid a total of $3,150 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. | |
3. | Metlock signed a $40,500, 5% bank loan on November 1, 2016, due in 2 years. Interest is payable on the first day of each following month. | |
4. | Metlock receives a fee from Pizza Shop next door for all pizzas sold to customers using Metlock’s facility. The amount owed for December is $270, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) | |
5. | Metlock rented some of its unused warehouse space to a client for $5,400 a month, payable the first day of the following month. It received the rent for the month of December on January 2. |
1 | Dec 31,2017 | Utilities expense | 385 | ||
Accounts Payable | 385 | ||||
2 | Dec 31,2017 | Salaries and wages expense | 1800 | =3150*4/7 | |
Salaries and wages payable | 1800 | ||||
3 | Dec 31,2017 | Interest expense | 169 | =40500*5%/12 | |
Interest payable | 169 | ||||
4 | Dec 31,2017 | Accounts Receivable | 270 | ||
Service Revenue | 270 | ||||
5 | Dec 31,2017 | Accounts Receivable | 5400 | ||
Rent Revenue | 5400 |
Metlock, Inc. has the following information available for accruals for the year ended December 31, 2017....
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