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Problem 3 - 3 A ( Algo ) Record adjusting entries ( LO 3 - 3 ) The information necessary for preparing the 2 0
Problem A Algo Record adjusting entries LO
The information necessary for preparing the yearend adjusting entries for Moreno Advertising Agency appears below. Morenos fiscal yearend is December
On July Moreno received $ from a customer for advertising services to be given evenly over the next months. Moreno credited Deferred Revenue on July
At the end of the year, income taxes owed are $
On May the company paid $ for a twoyear fire and liability insurance policy. The company debited Prepaid Insurance on May
On September the company borrowed $ from a local bank and signed a note. Principal and interest at will be paid on August
At yearend there is a $ debit balance in the Supplies asset account. Only $ of supplies remains on hand at the end of the year.
Required:
Record the necessary adjusting entries on December No prior adjustments have been made during Do not round intermediate calculations. If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
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