Problem 3-3A (Static) Record adjusting entries (LO3-3) The information necessary for preparing the 2024 year-end adjusting entries for Gamecock Advertising Agency appears below Gamecock's fiscal year-end is December 31 1. On July 1, 2024. Gamecock received $6,000 from a customer for advertising services to be given evenly over the next to months. Gamecock credited Deferred Revenue on July 1 2. At the end of the year, income taxes owed are $7,000 3. On May 1, 2024, the company paid $4,800 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 $20,000 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 15 . \$2700 debt balance in the Supplies (assev account. Only $1,000 of supplies remains on hand at the end of the year, Required: Record the necessary adjusting entries on December 31. 2024 . No prior adjustments have been made during 2024. (Do not round intermediote colculations. If no entry is required for o porticular tronsaction/event, select "No Journal Entry Required" in the first occount field) Journal entry worksheet 2 3 4 5 On July 1, 2024, Gamecock received $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credited Deferred Revenue on July 1. Prepare the adjusting entry at December 31. Note: Enter debiti before credite. Journal entry worksheet 4 At the end of the year, income taxes owed are $7,000. Prepare the adjusting entry at December 31 . Note: Enter debits before credits: Journal entry worksheet On May 1, 2024, the company paid $4,800 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. Prepare the adjusting entry at December 31 . Note: Enter debits before credits. Journal entry worksheet 12 On September 1,2024 , the company borrowed $20,000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31,2025 . Prepare the adjusting entry at December 31. Noter Enter debits before oredits. Journal entry worksheet At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand at the end of the year. Prepare the adjusting entry at December 31 . Notes Enter debits before credits. Problem 3-3A (Static) Record adjusting entries (LO3-3) The information necessary for preparing the 2024 year-end adjusting entries for Gamecock Advertising Agency appears below Gamecock's fiscal year-end is December 31 1. On July 1, 2024. Gamecock received $6,000 from a customer for advertising services to be given evenly over the next to months. Gamecock credited Deferred Revenue on July 1 2. At the end of the year, income taxes owed are $7,000 3. On May 1, 2024, the company paid $4,800 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 $20,000 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 15 . \$2700 debt balance in the Supplies (assev account. Only $1,000 of supplies remains on hand at the end of the year, Required: Record the necessary adjusting entries on December 31. 2024 . No prior adjustments have been made during 2024. (Do not round intermediote colculations. If no entry is required for o porticular tronsaction/event, select "No Journal Entry Required" in the first occount field) Journal entry worksheet 2 3 4 5 On July 1, 2024, Gamecock received $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credited Deferred Revenue on July 1. Prepare the adjusting entry at December 31. Note: Enter debiti before credite. Journal entry worksheet 4 At the end of the year, income taxes owed are $7,000. Prepare the adjusting entry at December 31 . Note: Enter debits before credits: Journal entry worksheet On May 1, 2024, the company paid $4,800 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. Prepare the adjusting entry at December 31 . Note: Enter debits before credits. Journal entry worksheet 12 On September 1,2024 , the company borrowed $20,000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31,2025 . Prepare the adjusting entry at December 31. Noter Enter debits before oredits. Journal entry worksheet At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand at the end of the year. Prepare the adjusting entry at December 31 . Notes Enter debits before credits