FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Consider the following situations for Shocker:
a. On November 28, 2018, Shocker receives a $4,350 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.
b. On December 1, 2018, the company pays a local radio station $2,670 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.
c. Employee salaries for the month of December totaling $7,900 will be paid on January 7, 2016.
d. On August 31, 2018, Shocker borrows $69,000 from a local bank. A note is signed with principal and 8% interest to be paid on August 31, 2019.
Required:
Indicate by how much the assets, liabilities, and
Transcribed Image Text:Assets
Liabilities
Stockholders' Equity
a.
b.
C.
d.
Total
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