Question
Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $2,400 payment from a customer for services to be rendered evenly
Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $2,400 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. b. On December 1, 2018, 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. c. Employee salaries for the month of December totaling $6,600 will be paid on January 7, 2019. d. On August 31, 2018, Shocker borrows $56,000 from a local bank. A note is signed with principal and 6% interest to be paid on August 31, 2019.
Required:
Record the necessary adjusting entries for Shocker at December 31, 2018. No adjusting entries were made during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
Record the adjustment for revenue earned.
Note: Enter debits before credits.
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