E7

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For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual basis accounting). a. Chipotle has monthly wages expense of $3,600 that has been incurred but not paid as of December 31 . b. United Airlines purchases a 24-month insurance policy for $54,000 on December 1 for immediate coverage. c. On December 15 , Pfizer prepays $24,000 for hotel rooms for its annual sales meeting in January