Pharoah Company has the following information available for accruals for the year ended December 31,2022...
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Pharoah Company 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 $430 was unrecorded on December 31. Pharoah paid the bill on January 11. Pharoah is open 7 days a week and employees are paid a total of $4,200 every Monday for a 7 -day (Monday-Sunday) 2. 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. Pharoah signed a $48,000,5% 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 bepaid December 1.) 4. Pharoah receives a fee from Pizza Shop next door for all pizzas sold to customers using Pharoah's facility. The amount owed for December is $280, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) 5. Pharoah rented some of its unused warehouse space to a client for $6,400 a month, payable the first day of the following month. It received the rent for the month of Decembly on January 2
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