Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following situations for Shocker: On November 28, 2021, Shocker receives a $2,550 payment from a customer for services to be rendered evenly over

Consider the following situations for Shocker:

  1. On November 28, 2021, Shocker receives a $2,550 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.
  2. On December 1, 2021, the company pays a local radio station $2,310 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.
  3. Employee salaries for the month of December totaling $6,700 will be paid on January 7, 2022.
  4. On August 31, 2021, Shocker borrows $57,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022.

Required:

Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.Do not round intermediate calculations.)

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Journal entry worksheet On November 28, 2021, Shocker receives a $2,550 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before credits. December 31 Journal entry worksheet 2 3 4 On December 1, 2021, the company pays a local radio station $2,310 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. Record the adjusting entry for advertising for Shocker at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31Journal entry worksheet Employee salaries for the month of December totaling $6,700 will be paid on January 7, 2022. Record the adjusting entry for salaries for Shocker at its year-end of December 31. Note: Enter debits before credits. Journal entry worksheet On August 31, 2021, Shocker borrows $57,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022. Record the adjusting entry for interest for Shocker at its year-end of December 31. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Business Decisions

Authors: Loren A Nikolai, Billie Cunningham, John D Bazley

3rd Edition

1111066884, 9781111066888

More Books

Students also viewed these Accounting questions