Exercise 4-17 Sheffield Corp. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually. 1. 2. 3. 4. 5. The December utility bill for $450 was unrecorded on December 31. Sheffield paid the bill on January 11. Sheffield is open 7 days a week and employees are paid a total of $3,710 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. Sheffield signed a $47,700, 5% bank lan on November 1, 2016, due in 2 years. Interest is payable on the first day of each following month (For example, interest incurred during November is paid on December 1.). Sheffield receives a fee from Pizza Shop next door for all pizzas sold to customers using Sheffield's facility. The amount owed for December is $320, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) Sheffield rented some of its unused warehouse space to a client for $6,360 a month, payable the first day of the following month. It received the rent for the month of December on January 2. For each situation, record the adjustment required at December 31 using the tabular summary that follows. (Round all calculations to the nearest dollar. If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Rev. - Exp. - Com. Cash + Accts. Rec. - Accts. Pay. + Int. Pay. + Sal. & Wages Pay. + Stock + Div 2017 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Totals LINK TO TEXT For each situation, record the subsequent cash transaction in 2018 in the tabular summary from part (a). (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Rev. - Exp. - 2017 Cash + Accts. Rec. = Accts. Pay. + Int. Pay. + Sal. & Wages Pay. + Com. Stock + Div Jan. 11 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT