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please answer all parts of the question do not leave anything blank and please write answers organized Gomez Company had the following transactions in the
please answer all parts of the question do not leave anything blank and please write answers organized
Gomez Company had the following transactions in the last two months of its year ended December 31. Novembex-1 gald $2,200 eath for future advertising Kovember 1 3atd $2,280 cash for 12 months of inturance througb october 31 of the next year. November 30 Received $9,600 eanh for future servicen to be provided to a eustomar. December 1 Paid $11,100 canb for conaliting to be received aver the hoxt four months. December 15 geceived $10,450 cash for future servicea to be provided to a cuntomet. December 31 of the advertiding: paid for on Novenber 1 , 5900 worth is not yet ueed. Decenber 31 A portion of the insurance paid for on Novenber 1 has oxpired. Ho adjuatment was made in Movenber. pecember 31 serviees woreh 51,200 are not yet provided to the cuatomer vho pald on tioverber 10 . December 31 One-fourth of the consulting paid for on December. I has been received. Decenber 31 The company has portormed $3,100 of services that the custoner paid for on becenber 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. Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records uneamed revenues: as liabelities. Also prepare adfusting entries at the end of the year. Note: if no entry is required for a transactionvevent, select "No joumal entry required? in the first account field. Prepare entries for these transactions under the method that initally records prepaid expenses as assets and records unearned revenues as liabilities, Also prepare adjusting entries at the end of the year. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field Journal entry worksheet Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records une as liabilities. Also prepare adjusting entries at the end of the year: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4.5678910 Paid $2,280 cash for 12 months of insurance through October 31 of the next year. Note: Enter debits before credits. Received $9,600 cash for future services to be provided to a customer. Note: Enter debits before credits. Journal entry worksheet Paid $11,100 cash for consulting to be received over the next four months. Note: Entar debits before credits. Journal entry worksheet Step by Step Solution
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