Exercise 4 18 (Part Level Submission) Splish Brothers Inc has the following information available for accruals for the year ended December 31, 2017 The company adjusts its accounts annually 1 The December utility bill for $510 was unrecorded on December 31 Splish Brothers paid the bill on January 11 2 Splish Brothers is open 7 days a week and employees are paid a total of $4,200 every Monday for a 7 day (MondaySunday) workweek December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28Thursday, December 31) that they have not been paid for by year end Employees will be paid next on January 4 3 Splish Brothers signed a $54,000, 5 bank loan on November 1, 2016, due in 1 years Interest is payable on the first day of each following month 4 Splish Brothers receives a fee from Pizza Shop next door for all pizzas sold to customers using Splish Brotherss facility The amount owed for December is $360, which Pizza Shop will pay on January 4 ( Hint Use the Service Revenue account ) 5 Splish Brothers rented some of its unused warehouse space to a client for $7,200 a month, payable the first day of the following month It received the rent for the month of December on January 2 (a) Your answer is correct For each situation, prepare the adjusting entry required at December 31 (Round answers to 0 decimal places, e g 5,275 If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when the amount is entered Do not indent manually ) No Date Account Titles and Explanation Debit Credit 1 Dec 31, 2017 2 Dec 31, 2017 3 Dec 31, 2017 4 Dec 31, 2017 5 Dec 31, 2017 For each situation, prepare the journal entry to record the subsequent cash transaction in 2018 (Round answers to 0 decimal places, e g 5,275 If no entry is required, select No Entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when the amount is entered Do not indent manually ) No Date Account Titles and Explanation Debit Credit 1 Jan 11, 2018 2 Jan 4, 2018 3 Jan 1, 2018 4 Jan 4, 2018 5 Jan 2, 2018

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Exercise 4-18 (Part Level Submission) Splish Brothers Inc. has the following information available for accruals for the year ended December 31, 2017. The company adjusts

Exercise 4-18 (Part Level Submission)

Splish Brothers Inc. has the following information available for accruals for the year ended December 31, 2017. The company adjusts its accounts annually.

1.		The December utility bill for $510 was unrecorded on December 31. Splish Brothers paid the bill on January 11.
2.		Splish Brothers is open 7 days a week and employees are paid a total of $4,200 every Monday for a 7-day (MondaySunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4.
3.		Splish Brothers signed a $54,000, 5% bank loan on November 1, 2016, due in 1 years. Interest is payable on the first day of each following month.
4.		Splish Brothers receives a fee from Pizza Shop next door for all pizzas sold to customers using Splish Brotherss facility. The amount owed for December is $360, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.)
5.		Splish Brothers rented some of its unused warehouse space to a client for $7,200 a month, payable the first day of the following month. It received the rent for the month of December on January 2.

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(a)


	Your answer is correct.

For each situation, prepare the adjusting entry required at December 31. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Dec. 31, 2017

2.	Dec. 31, 2017

3.	Dec. 31, 2017

4.	Dec. 31, 2017

5.	Dec. 31, 2017

For each situation, prepare the journal entry to record the subsequent cash transaction in 2018. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)