$21$

Elana's Traveling Veterinary Services, Incorporated, completed its first year of operations on December $31.$ All of the year's entries have been recorded except for the following:

a$.$ On March $1$ of the current year, the company borrowed $$62,160$ at a $10$ percent interest rate to be repaid in five years.

b$.$ On the last day of the current year, the company received a $$540$ utility bill for utilities used in December. The bill will be paid in January of next year.

$01$:$12$:$00$

Required:

What is the annual reporting period for this company?

Prepare the required adjusting entry for transactions $($a$)$ and $($b$).$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare the required adjusting entry for transactions $(a)$ and $(b).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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Journal entry worksheet

A

B

Prepare the adjusting entry needed at December $31.$ On March $1$ of the current year, the company borrowed $$62,160$ at a $10$ percent interest rate to be repaid in five years.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,]]$