OrioleLimited has the following information available for accruals for the year ended December 31, 2021. The company adjusts its accounts annually.

1.The December utility bill for $454was unrecorded on December 31.Oriolepaid the bill on January 21.

2.Orioleis open seven days a week and employees are paid a total of $3,360every Monday for a seven-day (Monday-Sunday) workweek. December 31 is a Friday, so employees will have workedfive days (Monday, December 27 to Friday, December 31) that they have not been paid for by yearend. Employees will be paid next on Monday, January

3.Oriolesigned a $49,300,5% bank loan on November 1, 2020, due in two years. Interest is payable on the first day of each following month and was last paid on December 1.

4.Oriolereceives a fee from Pizza Shop next door for all pizzas sold to customers usingOriole's facility. The amount owing for December is $320, which Pizza Shop will pay on January 4. (Hint:Use the Fees Earned account.)

5.Oriolerented some of its unused warehouse space to a client for $6,400a month, payable the first day of the following month. It received the rent for the month of December on January 2.

Questions do the adjusting entry required at December 31.

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Date

Account Titles and Explanation

Debit

Credit