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How much adjusting journal entries were recorded

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Reference no: EM133006155

The Wildcat Corporation had the following situations during December 2021:

On December 10, 2021, the corporation received a $4,700 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited.

On December 1, 2021, the corporation paid a KSL NewsRadio $3,400 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 $23,000 will be paid on January 7, 2022.

On August 31, 2021, the corporation borrowed $45,000 from Bank of Utah. A note was signed with principal and 9% interest to be paid on August 31, 2022.

Problem 1: If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/2021 balance sheet be higher or lower and by how much?

 

Reference no: EM133006155

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