D2L Homepage - Principles of Acco x Question 2 - Chapter 3 Class X Dashboard c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmgh... Chapter 3 Classwork i Saved 2 Problem 3-3A (Algo) Record adjusting entries (LO3-3) Help Save & Exit Submit 2 Check my work 1.5 points eBook Print References The information necessary for preparing the 2024 year-end adjusting entries for Moreno Advertising Agency appears below. Moreno's fiscal year-end is December 31. 1. On July 1, 2024, Moreno received $4,800 from a customer for advertising services to be given evenly over the next 10 months. Moreno credited Deferred Revenue on July 1. 2. At the end of the year, income taxes owed are $5,800. 3. On May 1, 2024, the company paid $3,360 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. 4. On September 1, 2024, the company borrowed $22,000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31, 2025. 5. At year-end there is a $2,100 debit balance in the Supplies (asset) account. Only $880 of supplies remains on hand at the end of the year. Mc Graw Hill Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Prev 2 of 2 Next > D2L Homepage - Principles of Acco x Question 2 - Chapter 3 Class X Course Hero ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmgh... c Chapter 3 Classwork i 2 Journal entry worksheet 1.5 points eBook 1 2 3 4 5 Saved Help Save & Exit Submit 2 Check my work On May 1, 2024, the company paid $3,360 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. Prepare the adjusting entry at December 31. Print References Note: Enter debits before credits. Date December 31 General Journal Debit Credit Mc Graw Hill Record entry Clear entry View general journal < Prev 2 of 2 Next >