Connect Air completed the following transactions during 2014:

Oct. 15 Paid $10,000 for advertising and promotional material covering the four-month period ending February 15, 2015.

Nov. 1 Received $15,600 payment in advance for a series of charter flights. Revenue of $2,600 will be earned each month over the sex-month period ending April 30, 2015.

1. Open T-accounts for Advertising Expenses, Prepaid Advertising, Unearned Flight Revenue, and Flight Revenue.

2. Journalize these entries by debiting an asset account for Prepaid Advertising and by crediting a liability account for Unearned Flight Revenue

3. Journalize the related adjustments at Dec 31, 2014 4.

4. Post the entries to the T-accounts, and show their balances at December 31, 2014.

5. Repeat 1 through 4. This time debit Advertising Expenses instead of Prepaid Advertising, and Credit Flight Revenue instead of Unearned Flight Revenue.

6. Compare the account balances in 4 and 5. They should be equal.