The following events occurred for a company during the last two months of its fiscal year ended December 31, 2020 Nov. 1 Paid $4,200 for future newspaper advertising 1 Paid $7,440 for insurance through October 31 of the following year. 30 Received $6,300 for future services to be provided to a customer. Dec. 1 Paid $5,400 for the services of a consultant, to be received over the next three months. 15 Received $11,800 for future services to be provided to a customer. 31 of the advertising paid for on November 1, $1,750 worth had not yet been published by the newspaper. 31 Part of the insurance paid for on November 1 had expired. 31 Services worth $1,500 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 $2,600 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.) 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.) View transaction list X 10 1 Record the amount paid for future advertising 2. Record the paid Insurance for one year. 3 Record the received fees in advance. Record the amount paid for future consulting, 5 Record the received fees in advance. 6 Record the expense amount for advertising. 7 Record the entry to adjust prepaid Insurance. 8 Record the entry to adjust unearned service fees. journal entry has been entered it Credit Note: Record entry Clear entry View general Journal X: X . :X: 3 Record the received fees in advance. 10 4 Record the amount paid for future consulting. 5 Record the received fees in advance. 6 Record the expense amount for advertising. 7 Record the entry to adjust prepaid insurance. lit Crec 8 Record the entry to adjust unearned service fees. 9 Record the entry to adjust prepaid consulting fees. 10 Record the entry to adjust unearned service fees. Note : = journal entry has been entered Record entry Clear entry View general 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.) View transaction list X 10 1 Record the amount paid for future advertising 2 Record the paid Insurance amount for one year. 3 Record the received fees in advance. 4 Record the amount paid for future consulting 5 Record the received fees in advance. 6 Record the entry to adjust for prepaid advertising. 7 Record the entry to adjust for prepaid insurance. 8 Record the entry to adjust for unearned service fees. - Journal entry has been entered Credit Note: Record entry Clear entry View general Journal 2. Prepare the November and December entries under the approach that records prepaid expenses as expe unearned revenues as revenues. Also, prepare adjusting entries the end of the year. (Do not round intern View transaction list x EX 3 Record the received fees in advance. 10 V > ^ 4 Record the amount paid for future consulting. 5 Record the received fees in advance. 6 Record the entry to adjust for prepaid advertising. Credit 7 Record the entry to adjust for prepaid insurance. 8 Record the entry to adjust for unearned service fees. 9 Record the entry to adjust for prepaid consulting fees. 10 Record the entry to adjust for unearned service fees. Note : = journal entry has been entered Record entry Clear entry View general Journal
