Greenock company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. a. The December utility bill for $425 was unrecorded on December 31, Greenock paid the bill on January 11. b. Greenock is open 7 days a week and employees are paid a total of $3,500 every (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. c. Greenock signed a $48,000, 5% bank loan on November 1, 2020, due in 2 years. No interest payments were made in 2020. d. Greenock receives a fee from pizza shop next door for all pizzas sold to customers using Greenock's facility. The amount owed for December is $300, which pizza shop will pay on January 4. e. Greenock rented some of its unused warehouse space to a client for $6,000 a month. Payable the first day of the following month. It received the rent for the month of December on January 2. Required: prepare the adiusting entry required at December 31

Record the purchase of supplies account for future use, $7.

Which accounts remain open at end of year and carried over to the following year?

Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…