1 2 Kingbird, 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 $ 485 was unrecorded on December 31. Kingbird paid the bill on January 11, Kingbird is open 7 days a week and employees are paid a total of $ 3,990 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. Kingbird signed a $ 51,600,5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month Kingbird receives a fee from Pizza Shop next door for all pizzas sold to customers using Kingbird's facility. The amount owed for December is $340, which Pizza Shop will pay on January 4. (Hint:Use the Service Revenue account.) Kingbird rented some of its unused warehouse space to a client for $ 6,840 a month payable the first day of the following month. It received the rent for the month of December on January 2 3 4. 5 (a) Your answer is correct For each situation, prepare the adjusting entry required at December 31. (Round answers to decimal places, es. 5.275. no entry required, select "No Entry for the account titles and enter for the amounts Credit account titles are outomatically indented when the amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit Dec 1 Utilities Expense 485 31, 2022 Accounts Payable ABS Dec For each situation, prepare the adjusting entry required at December 31. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry for the account titles and enter O for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit No. Date Account Titles and Explanation 485 1 Dec. 31, 2022 Utilities Expense 485 Accounts Payable 2280 2. Dec 31, 2022 Salaries and Wages Expense 2280 Salaries and Wages Payable 3 215 Dec 31. 2022 Interest Expense 215 Interest Payable Dec Accounts Receivable 340 31 2022 Service Revenue 340 5. Dec 31. 2022 Accounts Recevable 6840 Rent Revenue 6840 (b) For each situation, prepare the journal entry to record the subsequent cash transaction in 2023. (Round answers to decimal places, es 5.275. If no entry is required, select "No Entry for the account titles and enter for 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 1 Jan. 11, 2023 2 Jan 4, 2023 3 Jan 1. 2023 Jan 4 2023 5 Jan 2 2023