M4-6 Recording Adjusting Entries (Accrued Accounts) LO4-1 In each of the following transactions (a) through for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at the end of the current year. The process includes (1) determining if revenue was earned or an expense was incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your final answers to nearest whole dollar value.) a. Estimated electricity usage at $250 for December; to be paid in January of next year. b. On September 1 of the current year, loaned $5.200 to an officer who will repay the loan principal and interest in one year at an annual interest rate of 11 percent c. Owed wages to 25 employees who worked six days at $250 each per day at the end of the current year. The company will pay employees at the end of the first week of next year. View transaction list Journal entry worksheet 2 3 Record the adjusting journal entry for year-end December 31 of the current year related to electricity. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet