Gomez Company had the following transactions in the last two months of its year ended December 31. November 1 Paid $2,000 cash for future advertising. November 1 Paid $2,400 cash for 12 months of insurance through October 31 of the next year. November 30 Received $10,600 cash for future services to be provided to a customer. December 1 Paid $8,400 cash for consulting to be received over the next eight months. December 15 Received $8,450 cash for future services to be provided to a customer. December 31 of the advertising paid for on November 1, $1,200 worth is not yet used. December 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November. December 31 Services worth $1,300 are not yet provided to the customer who paid on November 30. December 31 One-eighth of the consulting paid for on December 1 has been received. December 31 The company has performed $3,700 of services that the customer paid for on December 15. Required: 1. Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilities. Also prepare adjusting entries at the end of the year. 2. Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilities. Also prepare adjusting entries at the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 6 7 8 9 10 > Of the advertising paid for on November 1, $1,200 worth is not yet used. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Gomez Company had the following transactions in the last two months of its year ended December 31. November 1 Paid $2,000 cash for future advertising. November 1 Paid $2,400 cash for 12 months of insurance through October 31 of the next year. November 30 Received $10,600 cash for future services to be provided to a customer. December 1 Paid $8,400 cash for consulting to be received over the next eight months. December 15 Received $8,450 cash for future services to be provided to a customer. December 31 of the advertising paid for on November 1, $1,200 worth is not yet used. December 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November. December 31 Services worth $1,300 are not yet provided to the customer who paid on November 30. December 31 One-eighth of the consulting paid for on December 1 has been received. December 31 The company has performed $3,700 of services that the customer paid for on December 15. Required: 1. Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilities. Also prepare adjusting entries at the end of the year. 2. Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 8 9 10 Paid $2,000 cash for future advertising. Note: Enter debits before credits. Date Nov 01 General Journal Debit Credit View general journal Record entry Clear entry