1. On July 1, 2021. Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand. Required: Record the necessary adjusting entries on December 31, 2021. No prior adjustments have been made during 2021. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 1 5 On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. Record the adjusting entry for deferred revenue at its year. end of December 31. Note: Enter debits before credits Date General Journal Debit Credit December 31 Deferred Revenue Record entry Clear entry View general journal prev 2 of 13 HE Ney