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

On March 1 of the current year, the company borrowed $60,000 at a 10 percent interest rate to be repaid in five years.

On the last day of the current year, the company received a $360 utility bill for utilities used in December. The bill will be paid in January of next year.

Prepare the required adjusting entry for transactions

Record the interest accrued at year-end.

Record the utilities incurred at year-end.