Consider the following situations for a company:

On November $28,$ Year $1,$ the company receives a $$2,400$ payment from a customer for services to be rendered evenly over the

next three months. Deferred Revenue is credited.

On December $1,$ Year $1,$ the company pays a local radio station $$2,280$ for $30$ radio ads that were to be aired, $10$ per month,

throughout December, January, and February. Prepaid Advertising is debited.

Employee salaries for the month of December totaling $$6,600$ will be paid on January $7,$ Year $2.$

On August $31,$ Year $1,$ the company borrows $$56,000$ from a local bank. A note is signed with principal and $6\%$ interest to be paid on

August $31,$ Year $2.$

Required:

Indicate by how much the assets, liabilities, and stockholders' equity in the December $31,$ Year $1,$ balance sheet is higher or lower if the

adjustment is not recorded. $($If none of the categories apply for a particular item, leave the cell blank.$)$