AAA Inc. recently hired a new accountant with extensive experience in tax accounting. Because of the pressures of the new job, the accountant was unable to review the topic of accounting for bonds payable. During the first year, he made the following entries for the issuance of new bonds and the two interest payments. CR DR 607,434 01/01/19 Cash Accounts Payable (Issued $600,000, of 12%, 3-year bonds. Interest is payable semiannually on June 30 and January 1. The effective rate was 11.5%.) 607,434 06/30/19 Interest Expense Cash 36,000 36,000 (First semiannual interest payment) 12/31/19 Interest Expense Interest Payable (Second semiannual interest) 36,000 36,000

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Use the following information to provide the adjusting journal entry that Chipotle should have made on December 31, 2020which was the end of the fiscal year 2020. Assume that Chipotle makes adjusting entries once a year at fiscal year end. 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 Salary expense 203   Salary payable   203 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 Accounts receivable 105   Sales revenue   105       Chipotle receives a utility bill every four weeks…

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