The following items are necessary for preparing the 2024 year-end adjusting entries for Gamecock Advertising Agency. 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 10 months. 2. At the end of the year, income taxes owed are $7,000. These taxes won't be paid until next April 15. 3. On May 1, 2024, the company paid $4,800 for a two-year fire and liability insurance policy. The amount was recorded in 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 is a $2,700 balance in the Supplies 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. Note: Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 5