Question

Help Save & El Check 1. On December 10, 2021, Jamesway received a $5,800 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited. 2. On December 1, 2021, the company paid a local radio station $5,600 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 $34,000 will be paid on January 7, 2022. 4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2022. Prepare the necessary adjusting entries at its year-end of December 31, 2021. No adjusting entries were recorded during the year. (1f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 2 3 4 On December 10, 2021, Jamesway received a $5,500 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited. Prev 3 of 6 !!! Next >

Answer 1

Transaction No	Date	General Journal	Debit	Credit
1	December 31, 2021	Service revenue	5,800
		Deferred service revenue		5,800
		(To record deferred service revenue)
2	December 31, 2021	Advertising expense [$5,600 / 2]	2,800
		Prepaid advertising		2,800
		(To record a dvertising expense)
3	December 31, 2021	Salaries expense	34,000
		Salaries payable		34,000
		(To record salaries expense)
4.	December 31, 2021	Interest expense ($60,000 * 9 % * 4/12)	1,800
		Interest payable		1,800
		(To record salaries expense)