Maurice Tutor

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Category > Accounting Posted 12 Aug 2017 My Price 11.00

Jamesway Corporation

The Jamesway Corporation had the following situations on December 2013.

1.

On December 20, 2013, Jamesway received a $4,100 payment from a customer for services to be rendered early in 2014. Service revenue was credited.
2.

On December 1, 2013, the company paid a local radio station $2,200 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited.
3. Employee salaries for the month of December totaling $17,000 will be paid on January 7, 2014.
4.

On August 31, 2013, Jamesway borrowed $50,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2014.

 

If none of the adjusting journal entries were made, would assets, liabilities, and shareholders' equity on the 12/31/13 balance sheet be higher or lower and by how much?
 

Assets higher by

Liabilities lower by

Shareholders equity higher by

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 12:08 AM My Price 11.00

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