Can someone please help me to understand how to solve this kind of problem
account balance. E3.16 (LO 3) Greenock Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. I nedmoga Prepare adjusting and subsequent entries for accruals. 1. The December utility bill for $425 was unrecorded on December 31. Greenock paid the bill on January 11. 2. Greenock is open 7 days a week and employees are paid a total of $3,500 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. Greenock signed a $48,000, 5% bank loan on November 1, 2020, due in 2 years. No interest pay- ments were made in 2020. 4. Greenock receives a fee from Pizza Shop next door for all pizzas sold to customers using Greenock's facility. The amount owed for December is $300, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) 5. Greenock rented some of its unused warehouse space to a client for $6,000 a month, payable the first day of the following month. It received the rent for the month of December on January 2. his Instructions a. For each situation, prepare the adjusting entry required at December 31. (Round all calculations to the nearest dollar.) b. For each situation, prepare the journal entry to record the subsequent cash transaction in 2021.e Accounts E3.13 (LO 2, 3) The ledger of Yoon Lumber Supply on July 31, 2020, includes the selected account below before adjusting entries have been prepared. sunnyof sorio an bsand GOAs Debit Credit W 20,000 conmuchl Notes Payable Supplies , band no lit mus midtesting w 24,000 i sengque estiaque s Prepaid Rent 3,600 Buildings 250,000 140,000 ud beingon Accumulated Depreciation-Buildings Unearned Service Revenue 11,500 An analysis of the company's accounts shows the following. anonjourdan 1. The notes payable pays interest at a rate of 6% per year. 2. Supplies on hand at the end of the month totaled 18,600.in leen file .S tou men 3. The balance in Prepaid Rent represents 4 months of rent costs. guiwolly 4. Employees were owed W3,100 related to unpaid salaries and wages. 5. Depreciation on buildings is W6,000 per year. T bodeuiba 6. During the month, the company satisfied obligations worth W4,700 related to the Unearned Services Revenue. didser 7. Unpaid maintenance and repairs costs were W2,300. Instructions accounts as needed. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. Use additional bensgad anilqque
