Question

5 g Debts-2020 Spri.. Yahoo! 403 Forbidden REQUIRED: Homework Chapter 3 Homework Chapter 3 i Saved Help Save & Exit Submit Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $3,750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. b. On December 1, 2018, the company pays a local radio station $2,550 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 $7,500 will be paid on January 7, 2016. d. On August 31, 2018, Shocker borrows $65,000 from a local bank. A note is signed with principal and 6% interest to be paid on August 31, 2019. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.) Assets Liabilities + Stockholders' Equity ه ه ه = Total < Prev 9 of 9

Answer 1

B C D E F G H Assets Liabilities + Stockholders' Equity ou Aw nA A 1 2. 3 4 a) 5 b) 6c) 7 d) 8 totals 0 None 850 higher 0 none 0 none 850 higher 1,250 higher 0 none 7,500 lower 1,300 lower 10,050 lower 1,250 lower 850 higher 7,500 higher 1,300 higher 10,900 higher

ДА D E F G H. Liabilities + Stockholders' Equity Ham tono A B C 1 Assets 3 4 a) O 5 b) =2550*10/30 higher 6 c) O none 7 d) none 8 totals 850 higher None 10 1250 higher none 7500 lower =65000*6%*4/12 lower =E4+E5+E6+E7 lower 1250 lower 850 higher 7500 higher 1300 higher =H4+H5+H6+H7 higher 10