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please answer asap this is the second time i am posting please . MEXIC GRILL Chipotle Mexican Grill, Inc in its first footnote describes itself
please answer asap this is the second time i am posting please
. MEXIC GRILL Chipotle Mexican Grill, Inc in its first footnote describes itself as: "restaurants which feature a relevant menu of burritos, burrito bowls (a burrito without the fortilla), tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, llavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Steve Ells, founder and former executive chairman, first opened Chipotle with a single restaurant in Denver, Colorado in 1993. Over 25 years later, our devotion to seeking out the very best ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food With Integrity. As of December 31, 2020, we owned and operated 2,724 Chipotle restaurants throughout the United States, 40 international Chipotle restaurants, and four non-Chipotle restaurants. We manage our operations based on eight regions and have aggregated our operations to one reportable segment. Our revenue is derived from sales by company-owned restaurants." Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020 which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end. a) At the end of fiscal year 2020, Chipotle owed employees $203 million related to work completed (but not yet paid) during fiscal year 2020. What adjusting journal entry should Chipotle make on December 31, 2020 related to these wages owed to employees? Account Title Debit Credit b) At the end of fiscal year 2020, Chipotle calculates that it has $105 million in sales on account that have not yet been received or recorded. What adjusting journal entry should Chipotle make on December 31, 2020 related to the sales on account? Account Title Debit Credit c) Chipotle receives a utility bill every four weeks for the previous four weeks. On February 15, 2021, Chipotle receives a bill of $18 million covering the last three weeks of fiscal year 2020 and the first week of fiscal year 2021. Assuming that utilities are used evenly over the period, what adjusting journal entry should Chipotle make on December 31, 2020 related to this future utility bill? Account Title Debit Credit Step by Step Solution
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