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Consider the following situations for Shocker: On November 28, 2021, Shocker receives a $3,750 payment from a customer for services to be rendered evenly over
Consider the following situations for Shocker: On November 28, 2021, Shocker receives a $3,750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. On December 1, 2021, the company pays a local radio station $2,550 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 $7,500 will be paid on January 7, 2022. On August 31, 2021, Shocker borrows $65,000 from a local bank. A note is signed with principal and 6% interest to be paid on August 31, 2022. Required: Record
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