Sheffield Limited has the following information available for accruals for the year ended December 31, 2024. The company adjusts its accounts annually. 1. The December utility bill for $400 was unrecorded on December 31. Sheffield paid the bill on January 21.

2. Sheffield is open seven days a week and employees are paid a total of $3,150 every Monday for a seven-day (Monday-Sunday) workweek. December 31 is a Tuesday, so employees will have worked two days (Monday, December 30 to Tuesday, December 31) that they have not been paid for by year end. Employees will be paid next on Monday, January 6. 3. Sheffield signed a $30,000, 6% bank loan on November 1, 2023, due in two years. Interest is payable on the first day of each following month and was last paid on December 1. 4. Sheffield receives a fee from Pizza Shop next door for all pizzas sold to customers using Sheffield's facility. The amount owing for December is $350, which Pizza Shop will pay on January 4. (Hint: Use the Fees Earned account.) 5. Sheffield rented some of its unused warehouse space to a client for $7,200 a month, payable the first day of the following month. It received the rent for the month of December on January 2.

For each situation, prepare the journal entry to record the subsequent cash transaction in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275.)