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Consider the following situations for a company: On November 2 8 , Year 1 , the company receives a $ 4 , 0 5 0
Consider the following situations for a company:
On November Year the company receives a $ payment from a customer for services to be rendered evenly over the
next three months. Deferred Revenue is credited.
On December Year the company pays a local radio station $ for radio ads that were to be aired, per month,
throughout December, January, and February. Prepaid Advertising is debited.
Employee salaries for the month of December totaling $ will be paid on January Year
On August Year the company borrows $ from a local bank. A note is signed with principal and interest to be paid on
August Year
Required:
Record the necessary adjusting entries for the company at December Year No adjusting entries were made during the year. If no
entry is required for a particular transactionevent select No Journal Entry Required" in the first account field. Do not round
intermediate calculations.
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