Prepare the adjusting entry needed at December $31.$ On March $1$ of the current year, tElana's Traveling Veterinary Services, Incorporated, completed its first year of operations on December $31.$ All of the year's entries have

been recorded except for the following:

a$.$ On March $1$ of the current year, the company borrowed $$60,240$ at a $10$ percent interest rate to be repaid in five years.

b$.$ On the last day of the current year, the company received a $$380$ utility bill for utilities used in December. The bill will be paid in

January of next year.

Required:

What is the annual reporting period for this company?

Prepare the required adjusting entry for transactions $(a)$ and $(b).$

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What is the annual reporting period for this company?

Annual reporting period

tohe company borrowed $$60,240$ at a $10$ percent interest rate to be repaid in five years. and Prepare the adjusting entry needed at December $31.$ On the last day of the current year, the company received a $$380$ utility bill for utilities A$.$ Prepare the adjusting entry needed at December $31.$ On March $1$ of the current year, the company borrowed $$60,240$ at a $10$ percent interest rate to be repaid in five years. B$.$ Prepare the adjusting entry needed at December $31.$ On the last day of the current year, the company received a $$380$ utility bill for utilities used in December. The bill will be paid in January of next year.