Consider the following situations for a company: 1. On November 28, 2024, the company receives a $3,900 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,580 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,600 will be paid on January 7, 2025. 4. On August 31, 2024, the company borrowed $66,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2025, Required: Record the necessary adjusting entries for the company at December 31, 2024. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 On November 28, 2024, the company receives a $3,900 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit
Consider the following situations for a company: 1. On November 28, 2024, the company receives a $3,900 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,580 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,600 will be paid on January 7, 2025. 4. On August 31, 2024, the company borrowed $66,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2025, Required: Record the necessary adjusting entries for the company at December 31, 2024. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 On November 28, 2024, the company receives a $3,900 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following situations for a company:
1. On November 28, 2024, the company receives a $3,900 payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,580 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
3. Employee salaries for the month of December totaling $7,600 will be paid on January 7, 2025.
4. On August 31, 2024, the company borrowed $66,000 from a local bank. A note was signed with principal and 8% interest to be paid
on August 31, 2025,
Required:
Record the necessary adjusting entries for the company at December 31, 2024. No adjusting entries were made during the year. (If no
entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round
intermediate calculations.)
View transaction list
Journal entry worksheet
<
1
2
On November 28, 2024, the company receives a $3,900 payment from a
customer for services to be rendered evenly over the next three months.
Deferred Revenue is credited. Record the adjusting entry for deferred revenue
at its year-end of December 31.
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
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