Exercise 3-3 (Algo) Determining when to recognize expenses LO C1 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 $5,600 that has been incurred but not paid as of December 31 . b. United Airlines purchases a 24 month insurance policy for $84,000 on December 1 for immediate coverage. c. On December 15. Pizer prepays $44,000 for hotel rooms for its January sales meeting