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a. Chipotle has monthly wages expense of $4,400 that has been incurred but not paid as of December 31. b. United Airlines purchases a 24-month

a. Chipotle has monthly wages expense of $4,400 that has been incurred but not paid as of December 31.

b. United Airlines purchases a 24-month insurance policy for $66,000 on December 1 for immediate coverage.

c. On December 15, Pfizer prepays $32,000 for hotel rooms for its January sales meeting.

SITUATIONSEXPENSE RECOGNIZED IN DECEMBERa. wages expenses incurred but not paidb. purchases a 24-month insurance policyc. prepays for hotel rooms for its annual sales meeting

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