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Metlock, Inc. has the following information available for accruals for the year ended December 31,2022 . The company adjusts its accounts annually. 1. The December
Metlock, Inc. has the following information available for accruals for the year ended December 31,2022 . The company adjusts its accounts annually. 1. The December utility bill for $412 was unrecorded on December 31 . Metlock paid the bill on January 11. 2. Metlock is open 7 days a week and employees are paid a total of $3,360 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. 3. Metlock signed a $43,200,5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month. (For example, interest incurred during November would be paid on December 1 .) 4. Metlock receives a fee from Pizza Shop next door for all pizzas sold to customers using Metlock's facility. The amount owed for December is $288, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account) 5. Metlock rented some of its unused warehouse space to a client for $5,760 a month, payable the first day of the following month. It received the rent payment for the month of December on January 2 . For each situation, prepare the journal entry to record the subsequent cash transaction in 2023. (Round answers to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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