on December 1,paid cash for an internet advertising consultant for four months of work in advance.The contract was for $3200 per month.Work will begin on January 1,2018 -unadjusted balance

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Problem 3-8B Paris Communications provides telecommunications consulting services. The business had the following account balances Prepare adjusting entries an adjusted trial balance and financial statements O PARIS COMMUNICATIONS Unadjusted Trial Balance December 1, 2017 $ 19.000 17,100 13,000 3.900 54,000 O 120,000 28.000 Cash Accounts receivable Prepaid advertising Supplies Computer equipment Accumulated amortization computer equipment Furniture Accumulated amortization-furniture Accountable R. Paris capital R. Pariswithdrawals Consulting revenue Salaries sense Supplies expense Travel expense Total 98,000 45.000 260,600 82.500 32.100 $186,600 S186.00 The following transactions occurred during December: a. On December 1. paid cash for an Internet advertising consultant for four months of work in advance. The contract was for $3.200 per month. Work will begin on January 1, 2018. b. On December 10, supplies in the amount of $2,975 were purchased on account On December 18, the company received a cash advance of $1,000 for work to be per formed starting January 1 d. On December 30, the company provided consulting services to a customer for $12,500, payment will be received in 30 days. The following adjustments information was available on December 31, 2017: e. A physical count shows $5,100 of supplies remaining on hand on December 31. The computer equipment has an expected useful life of four years with no residual value after four years. The computers were purchased on January 2, and the straight- line method of amortization is used. 8. The furniture, purchased on January 2, is expected to be used for eight years with no expected value after eight years. The straight-line method of amortization is used. h On October 1, Paris hired an advertising firm to prepare a marketing plan and agreed to pay the firm $2,200 per month. laris paid for five months work in advance and has made no adjusting entries for this during 2017. Record the portion of the prepayment that has been used to date. The company's office manager, who earns $400 per day, worked the last five days of the year and will be paid on January 5, 2018 Required $3,200 per month. Work will begin or nount of $2,975 were purchased on accou received a cash advance of $4,000 for wor vided consulting services to a customer The following transactions occurreu uurm De a. On December 1, paid cash for an Internet advertising consulta work in advance. The contract was for $3,200 per month 2018. b. On December 10, supplies in the amount of $2,975 were purc c. On December 18, the company received a cash advance of formed starting January 1. d. On December 30, the company provided consulting servi payment will be received in 30 days. The following adjustments information was available on December 3 e. A physical count shows $5,100 of supplies remaining on hand on Dece f. The computer equipment has an expected useful life of four years wi value after four years. The computers were purchased on January 2, and line method of amortization is used. g. The furniture, purchased on January 2, is expected to be used for eighty expected value after eight years. The straight-line method of amortization h. On October 1, Paris hired an advertising firm to prepare a marketing pla to pay the firm $2,200 per month. Paris paid for five months' work in adv made no adjusting entries for this during 2017. Record the portion of the that has been used to date. i. The company's office manager, who earns $400 per day, worked the last fi year and will be paid on January 5, 2018. Required 1. Journalize the entries. 2. Prepare an adjusted trial balance on December 31, 2017 Chapter 3 Measurin 3. Prepare an income statement for the year ended December 31, 2017. List expenses in alphabetical order. 4. Prepare a statement of owner's equity for the year ended December 31, 2017. Assume there have been no changes to the capital account since January 1. 5. Prepare a balance sheet at December 31, 2017 * Problem 3-9B Connect Air completed the following transactions during 2017 Oct. 15 Paid $10,000 for advertising and promotional material covering the four-month period ending February 15, 2018. Nov. 1 Received $15,600 payment in advance for a series of charter flights. Revenue of $2,600 will be earned each month over the six-month period ending April 30, 2018. Required 1 Open T-accounts for Advertising Expense, Prepaid Adu repaid Advertising, Unearned Flight Revenue, and Flight Revenue. 2. Journalize these entries by debiting an as by crediting a liability account for Unearned Fliol required. 3. Journalize the related adjustments at December 31, 2017 4. Post the entries to the T-accounts and show their balans fomances are not required. ries by debiting an asset account for Prepaid Advertising and ned Flight Revenue. Explanations are not T-accounts and show their balances at December 31, 2017 Posting xttull h On October 1, Paris hired an advertising firm to prepare a m to pay the firm $2,200 per month. Paris paid for five months made no adjusting entries for this during 2017. Record the that has been used to date. i. The company's office manager, who earns $400 per day, wor year and will be paid on January 5, 2018. Required 1. Journalize the entries. 2. Prepare an adjusted trial balance on December 31, 2017. Chapte 3. Prepare an income statement for the year ended December 31, 2017. List expenses in alphabetical order. 4. Prepare a statement of owner's equity for the year ended December 31, 2017. Assume there have been no changes to the capital account since January 1. 5. Prepare a balance sheet at December 31, 2017 * Problem 3-9B Connect Air completed the following transactions during 2017: Oct. 15 Paid $10,000 for advertising and promotional material covering the four-month period ending February 15, 2018. Nov. 1 Received $15,600 payment in advance for a series of charter flights. Revenue of $2,600 will be earned each month over the six-month period ending April 30, 2018. Required 1. Open T-accounts for Advertising Expense, Prepaid Advertising, Unearned Flight Revenue, and Flight Revenue. 2. Journalize these entries by debiting an asset account for Prepaid Advertising and by crediting a liability account for chearned Flight Revenue. Explanations are not required. 3. Journalist lad diustments at December 31 2017