Question 1 (of 5) Save &Exit Submn 1.00 points E4-4 Recording Adjusting Entries LO4-1 Elana's Traveling Veterinary Services, Inc., completed Its first year of operations on December 31. All of the year's entrles have been recorded except for the following: a. On March 1 of the current year, the company borrowed $50,840 at a 10 percent interest rate to be repaid in tive years b. On the last day of the current year, the company received a $430 utility bill for utilities used in December The bill will be paid in January of next year Required: 1. What is the annual reporting perlod for this company? December al reportingJanuary 1 2. Prepare the required acjusting entry for transactions (a) and (b) (I no entry is required for a transactionie adjusting entry for transactions (a) and ( vent, select "No journal entry required " In the first account field.) View transaction list Journal entry worksheet Record the interest accrued at year -end Note: Enter debits before credits. Date General Journal Debit Credit December 31 nterest payable 6 084 Record entry Clear entry View general journal 2. Prepare the required adjusting entry for transactions (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the utilities incurred at year-end Note: Enter debits before credits Date Debit Credit General Journal Record entry Clear entry View general journal