Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 27 Feb 2018 My Price 6.00

customer for services

Consider the following situations for Shocker:

a. On November 28, 2012, Shocker receives a $3,000 payment from a customer for services to be rendered evenly over the next three months. Unearned Revenue is credited.

b. On December 1, 2012, the company pays a local radio station $2,400 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.

c. Employee salaries for the month of December totaling $7,000 will be paid on January 7, 2013.

d. On August 31, 2012, Shocker borrows $60,000 from a local bank. A note is signed with principal and 8% interest to be paid on August 31, 2013.

Required: Record the necessary adjusting entries for Shocker at December 31, 2012. No adjusting entries were made during the year.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Feb 2018 06:02 PM My Price 6.00

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