Reference no: EM132556688
Question - The Jamesway Corporation had the following situations on December 2018.
On December 20, 2018, Jamesway received a $4,000 payment from a customer for services to be rendered early in 2019. Service revenue was credited.
On December 1, 2018, the company paid a local radio station $2,000 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited.
Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2019.
On August 31, 2018, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2019.
If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/18 balance sheet be higher or lower and by how much?
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