Question 19 1 & 2

1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If the t-account is not used, write "Blank" for the account title. 2. On June 1, Crabb paid $15,000 for insurance on its manufacturing buildings for the next 12 months. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "o" in the space provided. If the t-account is not used, write "Blank" for the account title