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The information necessary for preparing the 2 0 2 4 year - end adjusting entries for Aboud Advertising Agency appears below. Aboud's fiscal year -

The information necessary for preparing the 2024 year-end adjusting entries for Aboud Advertising Agency appears below. Aboud's fiscal year-end is December 31.
On July 1,2024, Aboud received $4,700 from a customer for advertising services to be given evenly over the next 10 months. Aboud credited Deferred Revenue on July 1.
At the end of the year, income taxes owed are $5,700.
On May 1,2024, the company paid $3,240 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1.
On September 1,2024, the company borrowed $23,000 from a local bank and signed a note. Principal and interest at 9% will be paid on August 31,2025.
At year-end there is a $2,050 debit balance in the Supplies (asset) account. Only $870 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 intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet
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At the end of the year, income taxes owed are $5,700. Prepare the adjusting entry at December 31.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[December 31,,,],[,,,]]
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