The following events occurred for a company during the last two months of its fiscal year ended December 31, 2020: Nov. 1 Paid $3,800 for future newspaper advertising. 1 Paid $6,960 for insurance through October 31 of the following year. 30 Received $5,900 for future services to be provided to a customer. Dec. 1 Paid $4,800 for the services of a consultant, to be received over the next three months. 15 Received $11,400 for future services to be provided to a customer. 31 of the advertising paid for on November 1, $1,710 worth had not yet been published by the newspaper. 31 Part of the insurance paid for on November 1 had expired. 31 Services worth $1,300 had not yet been provided to the customer who paid on November 30. 31 One-third of the consulting services paid for on December 1 had been received. 31 The company had performed $2,400 of the services that the customer had paid for on December 15. Required: 1. Prepare the November and December entries for the above activities under the approach that records prepaid expenses as assets and records unearned revenues as liabilities. Also, prepare adjusting entries at the end of the year. (Do not round Intermediate calculations.) Answer is not complete. No Date General Journal Debit Credit 1 November 01, 2021 Prepaid advertising Cash 3,800 3,800 Answer is not complete. No Date General Journal Debit Credit 1 November 01, 202 Prepaid advertising Cash 3,800 3,800 2 November 01, 2021 Prepaid insurance Cash . 6,960 6,960 3 November 30, 2021 Cash Uneared service revenue 5,900 5.900 4 December 01, 202. Prepaid consulting fees Cash 4,800 olo 4,800 5 11,400 December 15, 202 Cash Unnamed service revenue 11.400 6 2,090 December 31, 202. Advertising expense Prepaid advertising 2,090 7 1,160 December 31, 202 Insurance expense Prepaid insurance 1.160 8 December 31, 202 Urarned service revenue 3 4.600 4.600 9 1,600 December 31, 2021 Consulting foes expense Prepaid consulting fees oo 1.600 10 2.400 December 31, 2021 Uneamed service revenue Service 2.400 2. Prepare the November and December entries under the approach that records prepaid expenses as expenses and records unearned revenues as revenues. Also, prepare adjusting entries at the end of the year. (Do not round Intermediate calculations.) No Answer is not complete. Date General Journal November 01, 202 Advertising expense Cash Debit Credit 1 3,800 3,800 2 November 01, 202. Insurance coxpense Cash 6,960 6,960 3 5,900 November 30, 202 Cash Service revenue ol 5,900 4 4,800 December 01, 202. Consulting foes expense Canh . 4,800 6 11,400 December 15, 202 Cash Service revenue oo 11,400 6 1.710 December 31, 200 Prepaid advertising Advertising expense 1,710 7 December 31, 202. Prepaid insurance insurance expense OO o
