Homework Answers
1.
Service revenue for 1 month = 1650 x 1/3
= $550
Journal
| Date | Particulars | Debit | Credit |
| December 31 | Deferred revenue | 550 | |
| Service revenue | 550 | ||
| Service revenue for the month of December |
2.
Advertising expense for December = 2130 x 10/30
= $710
Journal
| Date | Particulars | Debit | Credit |
| December 31 | Advertising expense | 710 | |
| Prepaid advertising | 710 | ||
| Advertising expense for the month of December |
3.
Journal
| Date | Particulars | Debit | Credit |
| December 31 | Salary expense | 6100 | |
| Salaries payable | 6100 | ||
| Salary expense for the month of December |
4.
Interest payable on note payable = 51000 x 9% x 4/12
= $1530
Journal
| Date | Particulars | Debit | Credit |
| December 31 | Interest expense | 1530 | |
| Interest payable | 1530 | ||
| Interest expense for the month of December |
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customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
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wywo Consider the following situations for Shocker: 16.66 points 1. On November 28, 2021, Shocker receives...
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Consider the following situations for Shocker:
On November 28, 2021, Shocker receives a $1,800 payment from a
customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
be paid on January...
wywo Consider the following situations for Shocker: 16.66 points 1. On November 28, 2021, Shocker receives a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,520 for 30 radio ads that were to be alred, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling...
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