Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December in and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 31 16. S After the adjusting entry has been recorded on December 31", determine the ending balance in the prepaid advertising account that should be recorded on the December 31" Balance Sheet. Use the following transactions to answer questions 17-19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Transaction Accrual basis Revenue Expense Cash-basis Revenue Expense example $0 $0 Purchased office supplies for cash, $440 (no accrued expense, hasn't been used yet cash flowed for the operating cost so it's a cash expense) SO $440 Issue common stock for $10,000 cash. Received $3,000 cash from customers who were billed last month. 19. Paid workers $6,000 for working currently Page 3-3 Chapter 3