LIST OF ACCOUNTS:

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Amortization Expense Buildings Cash Common Stock Depreciation Expense Dividends Equipment Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Prepaid Advertising Prepaid Cleaning Prepaid Insurance Prepaid Rent Property Tax Expense Property Taxes Payable Rent Expense Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Ticket Revenue Utilities Expense Website

Exercise 3-16 Greenock Limited has the following information available for accruals for the year ended December 31, 2019. The company adjusts its accounts annually 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 3, Greenock signed a $45,000, 5% bank loan on November 1, 2018, due in 2 years. Interest is payable on the first day of each following month. 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 s S whic Pizza Shop wil pay on anuary . 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 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 (Hint: Use the Service Revenue account.) 2. For each situation, prepare the adjusting entry required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually, Round answers to O decimal places, e.g. 5,275.)