The following are some of the accounts and their balances recorded in the Java Corp. Trial Balance. on December 31, 2019.   Debit Credit Equipment $ 600,000   Prepaid Advertising 180,000   Salaries Expense 142,000   Interest Expense 8,200   Accumulated Depreciation – Equipment   $ 200,000 Notes Payable   220,000 Concert Ticket Revenue   1,180,000   a)     Based on the following adjustment data, please make the necessary adjusting entries as of December 31, 2019. The estimated economic life of the equipment is 10 years, has a residual value of $ 100,000 and is depreciated using the Straight Line method. Notes payable with a maturity of 180 days with a bearing interest of 8% were issued to obtain a cash loan from the bank on October 18, 2019. In December, the company sold 20,000 concert tickets at a price of $ 18 per ticket, for the concert to be held by PT Tok Tok in March 2019, initially recorded as revenue. Prepaid advertising is an advertising contract for 2 newspapers. Advertisements in newspaper X are published 2 times per month, in newspaper Y once per month. Contract Date total Many Publications newspaper X 1/11/2019 $ 240,000 24 times newspaper Y 1/10/2019 $ 144,000 12 times       5. The unpaid employee wages by the end of 2019 are $ 37,500.   b)     What is the balance value for each account below which is recorded in the Income Statement for 2019? Interest Expense Concert Ticket Revenue Prepaid Advertising Salaries Expense

Task

The following are some of the accounts and their balances recorded in the Java Corp. Trial Balance. on December 31, 2019.

a)     Based on the following adjustment data, please make the necessary adjusting entries as of December 31, 2019.

1. The estimated economic life of the equipment is 10 years, has a residual value of $ 100,000 and is depreciated using the Straight Line method.
2. Notes payable with a maturity of 180 days with a bearing interest of 8% were issued to obtain a cash loan from the bank on October 18, 2019.
3. In December, the company sold 20,000 concert tickets at a price of $ 18 per ticket, for the concert to be held by PT Tok Tok in March 2019, initially recorded as revenue.
4. Prepaid advertising is an advertising contract for 2 newspapers. Advertisements in newspaper X are published 2 times per month, in newspaper Y once per month.

      5. The unpaid employee wages by the end of 2019 are $ 37,500.

b)     What is the balance value for each account below which is recorded in the Income Statement for 2019?

1. 1. Interest Expense
   2. Concert Ticket Revenue
   3. Prepaid Advertising
   4. Salaries Expense