Question

Consider the following situations for Shocker:

1. 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.

2. 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.

3. Employee salaries for the month of December totaling $6,200 will be paid on January 7, 2022.

4. On August 31, 2021, Shocker borrows $52,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022.

Required:

Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Journal entry worksheet 1 2 3 4 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. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Snippine Tool ou New Mode Detay Cancel Options Select the snip mode using the Mode button or click the Newton Shipping Tool is moving... Record entry Clear entry In a future update, Snipping lool will be moving to a new View general journalatures

Answer 1

Date	General Journal	Debit	Credit
December-31	Deferred revenue ($1,800/3*1)	$     600
	Service revenue		$     600
December-31	Advertising expense ($2,160/30*10)	$     720
	Prepaid advertising		$     720
December-31	Salaries expense	$ 6,200
	Salaries payable		$ 6,200
December-31	Interest expense ($52,000*9%*4/12)	$ 1,560
	Interest payable		$ 1,560

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